Mississippi prices $230 million in G.O.s; Connecticut gears up for $479 million transportation bonds

By Cristal Cody and Sheri Kasprzak

New York, Sept. 9 - A fairly active day for pricings Tuesday was led by a $230.15 million sale of general obligation bonds from the state of Mississippi.

Meanwhile, a few larger upcoming deals emerged for later this month, led by a $479.105 million sale of transportation bonds from the state of Connecticut.

In the Mississippi competitive sale, the bonds attracted up to eight bidders for the offering.

Of the deal, $133.545 million in series 2008A bonds priced with a 4.180225% true interest cost with Lehman Brothers as the winner.

The 2008A G.O.s (Aa3/AA/AA) are due 2009 to 2028 with 4.25% to 5% coupons. Yields were not immediately available.

The $96.6 million taxable series 2008B bonds priced with a 5.173722% TIC from winning bidder Raymond James & Associates.

The 2008B bonds are due 2009 to 2023 and priced with 5% to 5.25% coupons.

Proceeds will be used for projects that include community preservation, water conservation, fire truck acquisitions, water pollution control, shipyard improvements, railroad improvements, a children's museum and a wireless communications system.

Connecticut sale ahead

Looking at upcoming sales for later this month, Connecticut announced plans to sell $479.105 million series 2008-1 second-lien special tax obligation refunding bonds for transportation infrastructure purposes, said a preliminary official statement. The bonds are expected to sell on Sept. 17, a calendar said.

The bonds (A1/AA/AA-) will be sold through senior managers Goldman, Sachs & Co. and Banc of America.

The bonds are due from 2012 to 2022.

Proceeds will be used for construction, reconstruction, removal, acquisition, repair and rehabilitation of rights of way and easements on state highways and bridges.

WellSpan Health offering

Also coming up in September, the General Authority of Southcentral Pennsylvania plans to price $265.555 million in series 2008A revenue bonds on behalf of WellSpan Health the week of Sept. 15, a preliminary official statement said.

The bonds (//AA-) will be sold on a negotiated basis with Citigroup Global Markets as the senior manager.

Proceeds will be used to refund the authority's outstanding series 2002, 2005A, 2005B, 2005C, 2005D, 2007A and 2007B bonds.

Pasco County, Fla., to price $185 million

Also ahead, Pasco County in Florida plans to sell $185 million water and sewer revenue bonds, according to a preliminary official statement released Tuesday.

The series 2008 bonds (Aa3/AA/AA-) will be sold in a negotiated sale led by senior manager Morgan Keegan & Co.

Proceeds will be used to finance county projects.

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