Orange County, Fla., schools to price refunding COPSs in mid-February

By Cristal Cody

Springdale, Ark., Jan. 28 - The Orange County School Board expects to price $86.58 million refunding certificates of participation about Feb. 20, the issuer reported Monday.

The series 2008A variable rate certificates received an A1 underlying rating also on Monday from Moody's Investors Service. The rating applies to $1.46 billion of outstanding parity certificates, including the current sale, for the Florida-based district.

Proceeds will refund $80.4 million of the district's series 2002A certificates, Steven Compton, senior administrator for the board's treasury service, told Prospect News.

The lead underwriter is Citigroup.

The variable rate paid for the certificates may be based on a percentage of Libor, the district's first exposure to basis risk but a minimal 7.1% of the total certificates of participation portfolio, according to a Moody's release.

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