Pennsylvania to sell $2.9 billion of unemployment compensation bonds

By Sheri Kasprzak

New York, Oct. 1 - The Pennsylvania Economic Development Finance Authority plans to price $2,896,870,000 of series 2012 unemployment compensation revenue bonds on Wednesday, according to a sales calendar.

The offering includes $1,408,175,000 of series 2012A bonds, $1,186,695,000 of series 2012B bonds and $302 million of series 2012C variable-rate bonds.

The bonds (Aaa/AA+/AA+) will be sold on a negotiated basis. The 2012A bonds will be sold through Citigroup Global Markets Inc. and the 2012B-C bonds will be sold through Bank of America Merrill Lynch.

Proceeds will be used to repay federal loans related to the commonwealth's unemployment compensation system.

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