By Sheri Kasprzak
New York, Aug. 19 - Ocean County, N.J., priced $59.77 million in series 2008 general improvement bonds Tuesday, said a sellside source familiar with the deal.
The bonds (Aa1//AA+) were sold on a competitive basis with Citigroup Global Markets winning the bid. The true interest cost came in at 4.092232%.
The bonds are due from 2009 to 2028 with coupons from 3.75% to 4.25%, all priced at par.
There were 10 bidders for the offering, which the sellside source said was quite good.
"We're pleased with the way it turned out," he said.
Proceeds from the offering will be used for capital improvements throughout the county.
| Issuer: | Ocean County, N.J.
|
| Issue: | Series 2008 general improvement bonds
|
| Amount: | $59.77 million
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets
|
| TIC: | 4.092232%
|
| Ratings: | Moody's: Aa1
|
| Fitch: AA+
|
| Pricing date: | Aug. 19
|
|
|
| Maturity | Type | Coupon | Price
|
| 2009 | Serial | 3.75% | Par
|
| 2010 | Serial | 3.75% | Par
|
| 2011 | Serial | 3.75% | Par
|
| 2012 | Serial | 3.75% | Par
|
| 2013 | Serial | 3.75% | Par
|
| 2014 | Serial | 4% | Par
|
| 2015 | Serial | 4% | Par
|
| 2016 | Serial | 4% | Par
|
| 2017 | Serial | 4% | Par
|
| 2018 | Serial | 4% | Par
|
| 2019 | Serial | 4% | Par
|
| 2020 | Serial | 4% | Par
|
| 2021 | Serial | 4% | Par
|
| 2022 | Serial | 4% | Par
|
| 2023 | Serial | 4.125% | Par
|
| 2024 | Serial | 4.125% | Par
|
| 2025 | Serial | 4.125% | Par
|
| 2026 | Serial | 4.25% | Par
|
| 2027 | Serial | 4.25% | Par
|
| 2028 | Serial | 4.25% | Par
|
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