By Sheri Kasprzak
New York, Dec. 10 - The city of Seattle priced $257.745 million in series 2008 municipal light and power improvement and refunding revenue bonds Wednesday, said Michael Van Dyck, the city's director of debt financing.
Merrill Lynch & Co. was the winner of the competitive sale with a 5.5% true interest cost. Van Dyck said the offering received five bids with all the major desks participating.
The full details of the sale were not immediately available Wednesday evening.
The bonds (Aa2/AA-/) were due 2009 to 2034.
Seattle-Northwest Securities Corp. was the financial adviser.
Proceeds will be used for improvements to and conservation projects for the city's light system, as well as for refunding existing bonds.
| Issuer: | City of Seattle
|
| Issue: | Series 2008 municipal light and power improvement and refunding revenue bonds
|
| Amount: | $257.745 million
|
| Type: | Competitive
|
| Underwriter: | Merrill Lynch & Co.
|
| Maturities: | 2009 to 2034
|
| TIC: | 5.5%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Pricing date: | Dec. 10
|
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