By Cristal Cody
Springdale, Ark., Aug. 20 - The School Board of Orange County in Florida priced $48.365 million certificates of participation on Wednesday, a source told Prospect News.
The $48.365 million series 2008D COPs (A1/AA-/A+) priced with 3% to 5% coupons to yield 2.06% to 5.1%.
The certificates have serial maturities from 2009 through 2027.
The true interest cost was not immediately available.
The board also plans to sell the $51.02 million series 2008E variable-rate COPs in early September.
Citigroup Global Markets was the senior manager of the negotiated sale. The co-managers were Wachovia Bank, Morgan Stanley, Jackson Securities, RBC Capital Markets, Raymond James & Associates, Siebert Brandford Shank & Co. and Merrill Lynch.
Proceeds will be used to refund the school board's series 2002B COPs.
| Issuer: | School Board of Orange County (Florida)
|
| Issue: | Certificates of participation
|
| Amount: | $48.365 million
|
| Type: | Negotiated
|
| Coupons: | 3%-5%
|
| Yields: | 2.06%-5.1%
|
| Maturities: | 2009-2027
|
| Underwriters: | Citigroup Global Markets (lead); Wachovia Bank, Morgan Stanley, Jackson Securities, RBC Capital Markets, Raymond James & Associates, Siebert Brandford Shank & Co. and Merrill Lynch
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 8
|
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