By Sheri Kasprzak
New York, Sept. 23 - The Calhoun Port Authority and the Calhoun County Navigation Industrial Development Authority of Texas sold $104.8 million of series 2011 adjustable mode revenue bonds for Formosa Plastics Corp., according to an official statement.
The offering included $32.3 million of series 2011A adjustable mode port revenue bonds and $45 million of series 2011B adjustable mode environmental facilities revenue bonds from the port authority and $27.5 million of series 2011C adjustable mode port revenue bonds from the industrial development authority.
The 2011A bonds are due Sept. 1, 2039, and the 2011B bonds are due Sept. 1, 2041. The 2011C bonds are due Sept. 1, 2031.
All of the bonds initially bear interest at the weekly rate.
Citigroup Global Markets Inc. was the underwriter for the offering.
Proceeds will be used to construct and install equipment at the county's wharf for the distribution of fuel supplies, the acquisition of sites for solid waste disposal facilities and the expansion of dock facilities.
Formosa Plastics produces PVC resins and other intermediate plastic products and is based in Taipei, Taiwan. The company has four wholly owned chemical manufacturing subsidiaries in the United States.
| Issuer: | Calhoun Port Authority/Calhoun County Navigation Industrial Development Authority/Formosa Plastics Corp.
|
| Issue: | Series 2011 adjustable mode revenue bonds
|
| Amount: | $104.8 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 29
|
|
|
| $32.3 million series 2011A adjustable mode port revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1. 2039 | Term | Weekly | 100
|
|
|
| $45 million series 2011B adjustable mode environmental facilities revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2041 | Term | Weekly | 100
|
|
|
| $27.5 million series 2011C adjustable mode port revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Sept. 1, 2031 | Term | Weekly | 100
|
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