By Cristal Cody
Springdale, Ark., May 7 - The Rhode Island Health and Educational Building Corp. priced $91.929 million revenue bonds with a 4.45% true interest cost on Wednesday, the issuer told Prospect News.
The series 2008A bonds (Aaa) priced with 2.5% to 4.625% coupons to yield 2.3% to 4.72% on the serial maturities from 2009 through 2026, executive director Bob Donovan said.
A term bond due in 2029 priced with a 4.75% coupon to yield 4.87%, he said.
The bonds are a pooled issue that includes the Bristol Warren Regional School District, the Foster-Glocester Regional School District and the towns of Cumberland and North Smithfield.
The sale amount originally had been planned for $92.27 million and included the town of Portsmouth.
The bonds are insured by Financial Security Assurance.
Merrill Lynch & Co. is the senior manager of the negotiated sale. UBS Investment Bank, Banc of America Securities LLC, Oppenheimer & Co. and Roosevelt & Cross Inc. are co-managers.
Proceeds will finance projects in the school districts and towns.
| Issuer: | Rhode Island Health and Educational Building/Bristol Warren Regional School District/Foster-Glocester Regional School District/Town of Cumberland/Town of North Smithfield
|
| Issue: | Revenue bonds
|
| Amount: | $91.929 million
|
| Type: | Negotiated
|
| True interest cost: | 4.45%
|
| Coupons: | 2.5% to 4.625% serials; 4.75% term
|
| Yields: | 2.3% to 4.72% serials; 4.87% term
|
| Maturities: | 2009 to 2026; term bond due 2029
|
| Underwriter: | Merrill Lynch & Co. (lead)
|
| Ratings: | Moody's: Aaa
|
| Pricing date: | May 7
|
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