Tennessee Local Development defeases $91.64 million revenue bonds

By Melissa Kory

Cleveland, Dec. 17 - The Tennessee Local Development Authority said it defeased all $53.06 million of its 2% series 2010A state loan programs revenue bond anticipation notes due June 24, 2011, $8.36 million of its series 2006A refunding state loan revenue bonds and $30.215 million of its series 2006B state loan programs revenue bonds.

The following 2006A bonds were defeased:

• $1.05 million of 3.5% bonds due March 1, 2011;

• $1.085 million of 4% bonds due March 1, 2012;

• $1.125 million of 5% bond due March 1, 2013;

• $1.185 million of 5% bonds due March 1, 2014;

• $1.124 million of 5% bonds due March 1, 2015;

• $1.305 million of 5% bonds due March 1, 2016; and

• $1.307 million of 5% bonds due March 1, 2017.

The following series 2006B bonds were defeased:

• $960,000 of 3.33% bonds due March 1, 2011;

• $995,000 of 3.4% bonds due March 1, 2012;

• $1.025 million of 3.5% bonds due March 1, 2013;

• $1.065 million of 3.5% bonds due March 1, 2014;

• $1.095 million of 3.625% bonds due March 1, 2015;

• $1.145 million of 3.625% bonds due March 1, 2016;

• $1.18 million of 4.25% bonds due March 1, 2017;

• $1.23 million of 4% bonds due March 1, 2018;

• $1.28 million of 4% bonds due March 1, 2019;

• $1.335 million of 4% bonds due March 1, 2020;

• $1.385 million of 4% bonds due March 1, 2021;

• $1.44 million of 4% bonds due March 1, 2022;

• $1.495 million of 4.125% bonds due March 1, 2023;

• $1.555 million of 4.125% bonds due March 1, 2024;

• $1.625 million of 4.2% bonds due March 1, 2025;

• $1.69 million of 4.2% bonds due March 1, 2026;

• $1.765 million of 4.25% bonds due March 1, 2027;

• $1.835 million of 4.25% bonds due March 1, 2028;

• $1.915 million of 4.375% bonds due March 1, 2029; and

• $4.2 million of 4.375% bonds due March 1, 2034.

The defeased 2006B bonds will be redeemed on March 1, 2014 at 101% plus accrued interest to the redemption date.

Deutsche bank National Trust Co. is the agent.

The Tennessee Local Development Authority is located in Nashville.

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