By Cristal Cody
Tupelo, Miss., Nov. 26 - The County of Westchester, N.Y., sold $56,955,000 of general obligation bonds (Aa1/AAA/AAA) on Tuesday, according to an informed source.
The deal was downsized slightly from an initial $64.1 million offering.
The county sold $52.65 million of series 2013B bonds with serial maturities from 2015 through 2027 with coupons than ranged from 3% to 5% on the long end. The tranche was downsized from an initial estimate of $59.07 million.
The bonds priced competitively with a true interest cost of 2.58% from J.P. Morgan Securities LLC.
The county also priced $4,305,000 of series 2013C G.O. bonds due 2015 through 2024 with similar coupons, the source said. The tranche was downsized from $5.03 million.
The 2013C bonds priced with a 2.1% TIC from winning bidder JPMorgan.
Public Financial Management, Inc. was the financial adviser.
The proceeds will be used to help finance the costs of capital improvements in and for the county.
| Issuer: | County of Westchester, New York
|
| Issue: | Series 2013 general obligation public improvement bonds
|
| Amount: | $56.96 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 10
|
|
|
| 2013B bonds
|
| Issue: | Series 2013B G.O. bonds
|
| Amount: | $52.65 million
|
| Maturities: | 2015-2027
|
| True interest cost: | 2.58%
|
| Coupons: | 3%-5%
|
|
|
| 2013C bonds
|
| Issue: | Series 2013C G.O. bonds
|
| Amount: | $4.31 million
|
| Maturities: | 2015-2024
|
| True interest cost: | 2.1%
|
| Coupons: | 3%-5%
|
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