By Cristal Cody
Springdale, Ark., March 25 - Cobb County, Ga., priced $87 million of general obligation tax anticipation notes with a 1.550899% true interest cost on Tuesday, the issuer told Prospect News.
The notes (MIG 1/SP1+/F1+) priced with a 2.25% coupon to yield 1.55%, said John Bergey, the county's treasury division manager.
The notes are due Dec. 31, 2008.
Banc of America Securities LLC was the successful bidder in the competitive sale.
Proceeds will provide cash to the county's general and fire district funds until property taxes are paid in September through December.
| Issuer: | Cobb County, Ga.
|
| Issue: | Tax anticipation notes
|
| Amount: | $87 million
|
| Type: | Competitive
|
| Maturity: | Dec. 31, 2008
|
| Underwriter: | Banc of America Securities LLC
|
| True interest cost: | 1.550899%
|
| Coupon: | 2.25%
|
| Yield: | 1.55%
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP1+
|
| Fitch: F1+
|
| Pricing date: | March 25
|
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