By Cristal Cody
Springdale, Ark., Feb. 5 - Austin, Texas, priced $172.6 million general obligation public improvement bonds on Tuesday with a 3.36 % true interest cost.
The series 2008 limited tax bonds (Aa1/AAA/AA+) priced with coupons from 3.5% to 5%, and yields from 1.65% to 3.87%, said Chris Allen, senior managing consultant with the city's financial advisor, Public Financial Management in Austin.
The bonds have serial maturities from Sept. 1 through 2021.
Lehman Brothers is managing the negotiated sale.
Proceeds will be used to refund a portion of outstanding debt for net present value savings.
| Issuer: | Austin, Texas
|
| Issue: | General obligation public improvement bonds
|
| Type: | Negotiated
|
| Amount: | $172.6 million
|
| Maturities: | Sept. 1, 2008 through 2021
|
| True interest cost: | 3.36%
|
| Coupons: | 3.5% to 5%
|
| Yields: | 1.65% to 3.87%
|
| Underwriter: | Lehman Brothers
|
| Ratings: | Moody's: Aa1
|
| S&P: AAA
|
| Fitch: AA+
|
| Pricing date: | Feb. 5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
