By Sheri Kasprzak
New York, Nov. 30 - The City of Philadelphia came to market on Wednesday with $173 million of series 2011-2012A tax and revenue anticipation notes, said a pricing sheet.
The notes (MIG 1/SP-1+/) are due June 29, 2012 and bear interest at 2% to yield 0.35%.
The notes were sold competitively with Citigroup Global Markets Inc. taking $75 million of the notes and Wells Fargo Securities LLC taking $98 million, said Nancy Winkler, the city's treasurer, in an interview on Wednesday.
Citigroup made three bids for $25 million each at 0.301015%, 0.320501% and 0.370118% true interest costs. Wells Fargo came in with a 0.377209% TIC. Winkler said both firms reoffered the notes at 0.35%.
Proceeds will be used to fund routine cash flow needs ahead of the collection of taxes and revenues.
| Issuer: | City of Philadelphia
|
| Issue: | Series 2011-2012A tax and revenue anticipation notes
|
| Amount: | $173 million
|
| Maturity: | June 29, 2012
|
| Coupon: | 2%
|
| Yield: | 0.35%
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (for $75 million); Wells Fargo Securities LLC (for $98 million)
|
| TIC: | 0.301015% (for $25 million); 0.320501% (for $25 million); 0.370118% (for $25 million); 0.377209% (for $98 million)
|
| Reoffered TIC: | 0.35%
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 7
|
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