New Issue: Portland, Ore., prices $79.68 million revenue bonds with 4.57% TIC

By Cristal Cody

Springdale, Ark., July 29 - The city of Portland, Ore., priced $79.68 million revenue bonds with a 4.5704% true interest cost on Tuesday, the issuer told Prospect News.

The series 2008A utilities bonds (Aa1) priced with 4% to 5% coupons to yield 2.14% to 4.9% from 2009 through 2033, said debt manager Eric Johansen.

Goldman, Sachs & Co. was the winning bidder out of nine bids in the competitive sale.

Proceeds will be used for water system capital improvements.

Issuer:	Portland, Ore.
Issue:	Series 2008A utilities revenue bonds
Amount:	$79.68 million
Type:	Competitive
True interest cost:	4.5704%
Coupons:	4%-5%
Yields:	2.14%-4.9%
Maturities:	2009-2033
Underwriter:	Goldman, Sachs & Co.
Rating:	Moody's: Aa1
Pricing date:	July 29
Settlement date:	Aug. 7

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