Pennsylvania to sell $950 million G.O. bonds in Wednesday's session

By Cristal Cody

Tupelo, Miss., April 1 - The Commonwealth of Pennsylvania intends to sell $950 million of general obligation bonds (Aa2//AA+) Wednesday, according to market sources.

The first series of 2013 bonds have serial maturities from 2014 through 2033.

The commonwealth originally planned to price the bonds in a competitive sale on Tuesday but pushed the sale back to Wednesday, according to notices of sale.

Public Financial Management Inc. is the financial adviser for the offering.

Proceeds will be used to construct, acquire and rehabilitate capital facilities projects and to make loans for water supply, storm water control and sewage treatment system projects, maintenance and protection of the environment, open space and farmland preservation, watershed preservation, abandoned mine reclamation, acid mine drainage remediation and other environmental initiatives.

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