By Sheri Kasprzak
New York, July 1 - The School District of Philadelphia sold on Thursday $425 million of series 2010A tax and revenue anticipation notes, said a term sheet.
The notes (MIG 1/SP-1/) were sold through Wells Fargo Securities LLC.
The 2.5% notes are due June 30, 2011 and were priced at 101.207 to yield 1.25%.
Proceeds from the sale will be used to finance operating expenses ahead of the collection of taxes and other revenues.
| Issuer: | School District of Philadelphia
|
| Issue: | Series 2010A tax and revenue anticipation notes
|
| Amount: | $425 million
|
| Maturity: | June 30, 2011
|
| Coupon: | 2.5%
|
| Price: | 101.207
|
| Yield: | 1.25%
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1
|
| Pricing date: | July 1
|
| Settlement date: | July 8
|
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