By Cristal Cody
Springdale, Ark., June 18 - West Palm Beach, Fla., priced $68.83 million refunding and revenue bonds with 4.19% to 5.17% true interest costs, the issuer said Wednesday.
The $53.995 million series 2008A utility system revenue refunding bonds priced with a 5.1669% true interest cost. The bonds priced with 3% to 5% coupons to yield 2.83% to 4.9%, said Randy Sherman, the city's finance director.
The $14.835 million series 2008B revenue bonds priced with a 4.1918% true interest cost. The bonds priced with 3% to 4.25% coupons to yield 2.44% to 4.49%.
The series 2008A bonds have serial maturities from 2010 through 2029, and the series 2008B bonds have serial maturities from 2009 through 2020.
The bonds (Aaa/AAA/AAA) are insured by Financial Security Assurance.
Citigroup Global Markets was the senior manager of the negotiated sale. Estrada Hinojosa & Co. and Merrill Lynch & Co. were co-managers.
Proceeds will be used to refund the city's outstanding $52.875 million series 2005 variable-rate revenue refunding bonds and to pay for utility system improvements.
| Issuer: | West Palm Beach, Fla.
|
| Issue: | Refunding and revenue bonds
|
| Amount: | $68.83 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | June 17
|
|
|
| Issue: | Series 2008A revenue refunding bonds
|
| Amount: | $53.995 million
|
| True interest cost: | 5.1669%
|
| Coupons: | 3%-5%
|
| Yields: | 2.83%-4.9%
|
| Maturities: | 2010-2029
|
|
|
| Issue: | Series 2008B revenue bonds
|
| Amount: | $14.835 million
|
| True interest cost: | 4.1918%
|
| Coupons: | 3%-4.25%
|
| Yields: | 2.44%-4.49%
|
| Maturities: | 2009-2020
|
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