By Cristal Cody
Tupelo, Miss., April 3 - The Commonwealth of Pennsylvania priced $950 million of general obligation bonds (Aa2//AA+) with 1% to 5% coupons to yield 0.17% to 3.34% on Wednesday, according to a market source.
The first series of 2013 bonds have serial maturities from 2014 through 2033.
BofA Merrill Lynch was the winning bidder out of six bidders in the competitive sale with a true interest cost of 2.905%.
Public Financial Management Inc. was the financial advisor.
Proceeds will be used to construct, acquire and rehabilitate capital facilities projects and for loans for water supply, storm water control and sewage treatment system projects, farmland preservation, watershed preservation, abandoned mine reclamation, acid mine drainage remediation and other environmental initiatives.
| Issuer: | Commonwealth of Pennsylvania
|
| Issue: | First series of 2013 general obligation bonds
|
| Amount: | $950 million
|
| Maturity: | 2014-2033
|
| True interest cost: | 2.905%
|
| Coupons: | 1%-5%
|
| Yields: | 0.17%-3.34%
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch
|
| Rating: | Moody's: Aa2
|
| Fitch: AA+
|
| Pricing date: | April 3
|
| Settlement date: | April 11
|
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