By Sheri Kasprzak
New York, Sept. 30 - The Pennsylvania Public School Building Authority priced $325.526 million in series 2010A federally taxable qualified school construction revenue bonds on Thursday, according a term sheet.
The bonds (Aa2//AA) were sold through senior managers Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. The co-managers were Boenning & Scattergood, Janney Montgomery Scott LLC and RBC Capital Markets Corp.
The bonds are due Sept. 15, 2027 and have a 5% coupon priced at par.
Proceeds will be used to fund new school construction within the state.
| Issuer: | Pennsylvania Public School Building Authority
|
| Issue: | Series 2010A federally taxable qualified school construction revenue bonds
|
| Amount: | $325.526 million
|
| Maturity: | Sept. 15, 2027
|
| Coupon: | 5%
|
| Price: | 100
|
| Yield: | 5%
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc. (lead), Boenning & Scattergood, Janney Montgomery Scott LLC and RBC Capital Markets Corp. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 6
|
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