New Issue: Pennsylvania sells $616.86 million general obligation bonds at 3.482794% TIC

By Sheri Kasprzak

New York, May 19 - Pennsylvania priced $616.86 million in series 2009 general obligation bonds, said Rick Dreher, head of the governor's budget office.

J.P. Morgan Securities Inc. was the winning bidder for the competitive deal with a 3.482794% true interest cost.

Public Financial Management Inc. acted as the financial adviser.

The sale included $454 million in series 2009 second bonds and $162.86 million in first refunding bonds.

The second series bonds are due 2010 to 2029 with coupons from 2% to 5%, all priced at par. The first refunding bonds are due 2009 to 2014 with coupons from 2% to 4%, also priced at par.

Proceeds will be used for capital improvements and for the protection of open space, farmlands and watershed areas.

Issuer:	Commonwealth of Pennsylvania
Issue:	Series 2009 general obligation bonds
Amount:	$616.86 million
Type:	Competitive
Underwriter:	J.P. Morgan Securities Inc.
Pricing date:	May 19
True interest cost:	3.482794%
Second series bonds
Maturity	Type	Coupon	Price
2009	Serial	2%	Par
2010	Serial	5%	Par
2011	Serial	5%	Par
2012	Serial	5%	Par
2013	Serial	5%	Par
2014	Serial	5%	Par
2015	Serial	5%	Par
2016	Serial	5%	Par
2017	Serial	5%	Par
2018	Serial	5%	Par
2019	Serial	5%	Par
2020	Serial	5%	Par
2021	Serial	5%	Par
2022	Serial	5%	Par
2023	Serial	5%	Par
2024	Serial	5%	Par
2025	Serial	5%	Par
2026	Serial	5%	Par
2027	Serial	5%	Par
2028	Serial	5%	Par
2029	Serial	4%	Par
First refunding series bonds
Maturity	Type	Coupon	Price
2010	Serial	2%	Par
2011	Serial	2%	Par
2012	Serial	4%	Par
2013	Serial	4%	Par
2014	Serial	4%	Par

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.