West Palm Beach, Fla., to price $100.39 million revenue bonds

By Cristal Cody

Springdale, Ark., July 17 - West Palm Beach, Fla., plans to price $100.385 million utility system revenue bonds, according to a preliminary official statement.

The series 2008C variable-rate bonds are due Oct. 1, 2038.

The bonds initially will price as optional tender bonds with a weekly interest rate.

The city has entered into an interest rate swap of $52.875 million as a hedge against an identical amount of the series 2008C bonds.

The bonds are insured by Assured Guaranty Corp.

Citigroup Global Markets will manage the negotiated sale.

Proceeds will be used to repair and upgrade the city's water system.

Additional information was not immediately available.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.