Pennsylvania Intergovernmental Cooperation to sell $372.95 million bonds for Philadelphia Funding

By Sheri Kasprzak

New York, June 5 - The Pennsylvania Intergovernmental Cooperation Authority is set to sell $372.95 million in series 2009 special tax revenue refunding bonds for the City of Philadelphia Funding Program on Tuesday, according to a sales calendar. A retail order period is set for Monday.

The bonds (Aa3/AA/A+) will be sold through senior manager Goldman, Sachs & Co.

Proceeds will be used to refund the authority's series 1999 bonds in order to convert the debt from variable rate to fixed rate. The rest will be used to pay a $56 million swap termination fee to JPMorgan Chase Bank.

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