By Cristal Cody
Springdale, Ark., April 16 - Philadelphia, Pa., priced $195 million general obligation refunding bonds with a 4.94% true interest cost on Wednesday, the issuer told Prospect News.
The series 2008A serial bonds (Aaa/AAA/AAA) priced with 4% to 5.25% coupons to yield 1.75% to 4.66%, Rebecca Rhynhart, debt manager for the city, said.
The bonds have serial maturities from Dec. 15, 2008 through Dec. 15, 2027 and a $55 million term bond due 2032.
The term bond priced with a 5.25% coupon to yield 4.82%.
The bonds are insured by Financial Security Assurance.
Morgan Stanley was the senior underwriter of the negotiated sale. JPMorgan and Ramirez & Co. were co-managers.
Proceeds will be used to refund the city's series 2003B auction-rate bonds to convert them to fixed rate.
Issuer: | Philadelphia, Pa.
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Issue: | General obligation refunding bonds
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Amount: | $195 million
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Type: | Negotiated
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Coupons: | 4% to 5.25% serials; term bond, 5.25%
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Yields: | 1.75% to 4.66% serials; term bond, 4.82%
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Maturities: | 2008 to 2027; term bond due 2032
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Underwriter: | Morgan Stanley (lead)
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Ratings: | Moody's: Aaa
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| S&P: AAA
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| Fitch: AAA
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Pricing date: | April 16
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