By Cristal Cody
Springdale, Ark., July 15 - The Port of Tacoma in Washington priced $133 million variable-rate bonds with a 1.65% initial rate on Tuesday, a source with the issuer told Prospect News.
The initial rate on the series 2008B subordinate-lien revenue bonds (Aaa/AAA/) will stay the same for 270 days. At the end of the set period, the bonds will be converted to a weekly interest rate.
The bonds are due Dec. 1, 2039.
Merrill Lynch, Pierce, Fenner & Smith Inc. managed the negotiated sale.
Proceeds will be used to finance the port's capital improvement program.
| Issuer: | Port of Tacoma (Washington)
|
| Issue: | Series 2008B variable-rate subordinate-lien revenue bonds
|
| Amount: | $133 million
|
| Type: | Negotiated
|
| Initial rate: | 1.65%
|
| Resets: | Resets weekly after 270-day period
|
| Maturity: | Dec. 1, 2039
|
| Underwriter: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | July 15
|
| Settlement date: | July 16
|
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