By Cristal Cody
Springdale, Ark., July 15 - The city of Wichita, Kan., priced $118.19 million general obligation bonds and notes through several competitive sales on Tuesday, a source with the issuer told Prospect News.
The $94.355 million series 224 general obligation renewal and improvement temporary notes priced with a 1.5068% true interest cost from winning bidder Lehman Brothers. The notes (MIG1) priced with a 3% coupon to yield 1.505%.
The $9.815 million series 225 notes priced with a 3.3% true interest cost from UM Bank NA. The notes (MIG1) priced with a 3.3% coupon to yield 3%.
The series 224 and series 225 notes are due Feb. 19, 2009.
The city's $10.05 million series 794 general obligation bonds priced with a 3.863% true interest cost from winning bidder Wachovia Securities. The bonds (Aa2/AA+/) priced with 3.5% to 4.2% coupons to yield 2% to 4.26%. The series 794 bonds have serial maturities from 2009 through 2023.
The $3.97 million series 794A general obligation bonds (Aa2/AA+/) priced with a 4.148% true interest cost from Sovereign Securities Corp. The bonds were sold with 3.25% to 4.375% coupons to yield 2% to 4.45%. The series 794A bonds have serial maturities from 2009 through 2028.
Proceeds will be used for capital improvements and to renew the outstanding principal amounts of the series 222 and series 223 general obligation renewal and improvement temporary notes.
| Issuer: | Wichita, Kan.
|
| Issue: | General obligation bonds and notes
|
| Total amount: | $118.19 million
|
| Type: | Competitive
|
| Pricing date: | July 15
|
|
|
| Series 224
|
| Issue: | Series 224 G.O. renewal and improvement temporary notes
|
| Amount: | $94.355 million
|
| True interest cost: | 1.5068%
|
| Coupon: | 3%
|
| Yield: | 1.505%
|
| Maturity: | Feb. 19, 2009
|
| Underwriter: | Lehman Brothers
|
| Rating: | Moody's: MIG1
|
|
|
| Series 225
|
| Issue: | Series 225 G.O. renewal and improvement temporary notes
|
| Amount: | $9.815 million
|
| True interest cost: | 3.3%
|
| Coupon: | 3.3%
|
| Yield: | 3%
|
| Maturity: | Feb. 19, 2009
|
| Underwriter: | UM Bank NA
|
| Rating: | Moody's: MIG1
|
|
|
| Series 794
|
| Issue: | Series 794 general obligation bonds
|
| Amount: | $10.05 million
|
| True interest cost: | 3.863%
|
| Coupons: | 3.5%-4.2%
|
| Yields: | 2%-4.26%
|
| Maturities: | 2009-2023
|
| Underwriter: | Wachovia Securities
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
|
|
| Series 794A
|
| Issue: | Series 794A general obligation bonds
|
| Amount: | $3.97 million
|
| True interest cost: | 4.148%
|
| Coupons: | 3.25%-4.375%
|
| Yields: | 2%-4.45%
|
| Maturities: | 2009-2028
|
| Underwriter: | Sovereign Securities Corp.
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
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