By Cristal Cody
Springdale, Ark., Aug. 20 - Tennessee priced $141.16 million general obligation bonds through two competitive sales on Wednesday, a market source told Prospect News.
The $125.8 million series 2008A bonds priced with a 4.050958% true interest cost from winning bidder Wachovia Securities.
The bonds priced with 3% to 5% coupons to yield 1.69% to 4.61%.
The $15.36 million series 2008B bonds were sold with a 5.28091% true interest cost from winning bidder Morgan Keegan & Co.
The bonds priced with 5% to 5.7% coupons to yield 3% to 5.7%.
The bonds (Aa1/AA+/AA+) have serial maturities from 2009 through 2028.
Proceeds will be used to refund $140 million of outstanding commercial paper and to acquire property for a state project.
| Issuer: | Tennessee
|
| Issue: | General obligation bonds
|
| Total amount: | $141.16 million
|
| Type: | Competitive
|
| Maturities: | 2009-2028
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 4
|
|
|
| Series 2008A bonds
|
| Amount: | $125.8 million
|
| True interest cost: | 4.050958%
|
| Coupons: | 3%-5%
|
| Yields: | 1.69%-4.61%
|
| Underwriter: | Wachovia Securities
|
|
|
| Series 2008B bonds
|
| Amount: | $15.36 million
|
| True interest cost: | 5.28091%
|
| Coupons: | 5%-5.7%
|
| Yields: | 3%-5.7%
|
| Underwriter: | Morgan Keegan & Co.
|
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