By Cristal Cody
Tupelo, Miss., Oct. 22 - Wake County in North Carolina priced $300 million in short-term bond anticipation notes with a 1.7% yield on Wednesday, a source told Prospect News.
The county cancelled the competitive sale on Wednesday of the $354.5 million in series 2008A general obligation public improvement bonds and instead sold the series 2008 BANs through a negotiated sale managed by Banc of America Securities LLC.
The market is better for short-term securities, the source said.
The notes (MIG1/SP-1+/F1+) priced with a 3.5% coupon and mature Oct. 15, 2009.
Proceeds will be used to construct libraries, county schools and community college facilities.
| Issuer: | Wake County, North Carolina
|
| Issue: | Bond anticipation notes
|
| Amount: | $300 million
|
| Type: | Negotiated
|
| Coupon: | 3.5%
|
| Yield: | 1.7%
|
| Maturity: | Oct. 15, 2009
|
| Underwriter: | Banc of America Securities LLC
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 29
|
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