By Sheri Kasprzak
New York, June 11 - Nassau County, N.Y. priced $105 million in series 2008 general obligation revenue anticipation notes, said a source familiar with the sale.
The bonds (MIG1/SP-1/F-1+) include $60 million in series 2008A notes due April 15, 2009 and $45 million in series 2008B notes due May 15, 2009. The county had expected to sell $50 million in the series 2008B bonds, but the amount was reduced Wednesday.
The 2008A and 2008B bonds both have 3% coupons.
"They're still getting the yields from the winning bidders," said the source when asked if yields were available.
Citigroup Global Markets was the winning bidder for the 2008A bonds with a 1.623831% true interest cost, and Lehman Brothers was the winning bidder for the 2008B bonds with a 1.671515% true interest cost.
Proceeds will be used to meet an expected cash-flow deficit.
| Issuer: | Nassau County, N.Y.
|
| Issue: | Series 2008 general obligation revenue anticipation notes
|
| Amount: | $105 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets (for 2008A); Lehman Brothers (for 2008B)
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1
|
| Fitch: F-1+
|
| Pricing date: | June 11
|
| Settlement date: | June 18
|
|
|
| Series 2008A
|
| Maturity | Type | Coupon | TIC
|
| April 15, 2009 | Term | 3% | 1.623831%
|
|
|
| Series 2008B
|
| Maturity | Type | Coupon | TIC
|
| May 15, 2009 | Term | 3% | 1.671515%
|
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