By Sheri Kasprzak
New York, July 28 - The city of Philadelphia sold $240.755 million in series 2009A general obligation fixed-rate refunding bonds on Tuesday, according to a pricing wire released by a sellside source.
The bonds (Baa1/BBB/BBB+) were sold through lead manager Merrill Lynch & Co. Inc. The co-managers were Citigroup Global Markets Inc., Siebert Brandford Shank & Co. LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, PNC Capital Markets Inc. and RBC Capital Markets Corp.
The bonds are due 2019 to 2031 with coupons from 4.25% to 5.45% and yields from 4.5% to 5.5%
Proceeds from the sale will be used to refund the city's series 2007B bonds.
| Issuer: | City of Philadelphia
|
| Issue: | Series 2009A general obligation fixed-rate refunding bonds
|
| Amount: | $240.755 million
|
| Type: | Negotiated
|
| Maturities: | 2019 to 2031
|
| Coupons: | 4.25% to 5.45%
|
| Yields: | 4.5% to 5.5%
|
| Underwriters: | Merrill Lynch & Co. Inc. (lead); Citigroup Global Markets Inc., Siebert Brandford Shank & Co. LLC, Janney Montgomery Scott LLC, Loop Capital Markets LLC, PNC Capital Markets Inc. and RBC Capital Markets Inc. (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Pricing date: | July 28
|
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