By Cristal Cody
Springdale, Ark., July 30 - Clark County, Nev., priced $50.57 million general obligation flood control refunding bonds with a 3.42% true interest cost on Wednesday, a market source told Prospect News.
The series 2008 bonds (Aa1/AA+/) priced with 3% to 5% coupons to yield 2% to 3.7%.
The sale was expected to include $70.895 million in bonds, but two of the maturities did not meet the 3% net present value savings, the source said.
The bonds have serial maturities from 2009 through 2016.
Depfa First Albany Securities LLC won the bidding in the competitive sale.
Proceeds will be used to help refund the series 1998 general obligation flood control bonds.
| Issuer: | Clark County, Nev.
|
| Issue: | Series 2008 general obligation flood control refunding bonds
|
| Amount: | $50.57 million
|
| Type: | Competitive
|
| True interest cost: | 3.42%
|
| Coupons: | 3%-5%
|
| Yields: | 2%-3.7%
|
| Maturities: | 2009-2016
|
| Underwriter: | Depfa First Albany Securities LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 20
|
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