By Sheri Kasprzak
New York, April 3 - Portland, Ore. priced $554.12 million of series 2008 revenue bonds in two tranches on Thursday, a source with the city confirmed.
The city sold $339.89 million of series 2008A first-lien sewer system revenue bonds (A1/AA-/).
Lehman Brothers won the competitive bid after the city rejected a bid with the same true interest cost - 4.3675% - from Merrill Lynch. There were six bidders for the series 2008A bonds.
The series 2008A bonds are due from 2009 to 2032 with a term bond due 2033. The bonds all have a 5% coupon and are priced at par, a term sheet said.
The city also priced $214.23 million of series 2008B second-lien sewer system revenue bonds (A1/AA-/) with a true interest cost of 4.6087%. The winning bidder was Citigroup Global Markets with three total bidders in the sale.
The series 2008B bonds are due from 2009 to 2032 with a term bond due 2033. All maturities have a 5% coupon and are also priced at par.
The offering is expected to settle April 7.
Issuer: | Portland, Ore.
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Issue: | Series 2008A first-lien sewer system revenue bonds
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Amount: | $339.89 million
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Type: | Competitive
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Maturities: | 2009 to 2032 (serial); 2033 (term)
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Coupon: | 5%
|
Price: | Par
|
True interest cost: | 4.3675%
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Underwriter: | Lehman Brothers
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Pricing date: | April 3
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Settlement date: | April 7
|
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Issuer: | Portland, Ore.
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Issue: | Series 2008B second-lien sewer system revenue bonds
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Amount: | $214.23 million
|
Type: | Competitive
|
Maturities: | 2009 to 2032 (serial); 2033 (term)
|
Coupon: | 5%
|
Price: | Par
|
True interest cost: | 4.6087%
|
Underwriter: | Citigroup Global Markets
|
Pricing date: | April 3
|
Settlement date: | April 7
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