By Cristal Cody
Springdale, Ark., June 26 - Colorado priced $350 million general fund tax and revenue anticipation notes with a 1.71% net interest cost on Thursday, said a source familiar with the sale.
The series 2008A notes (/SP-1+/F-1+) are due June 26, 2009.
Morgan Stanley won the bidding on $235 million of the bonds in a competitive sale with a 3% coupon to yield 1.69% to 1.7%.
Citigroup Global Markets won the bidding on $115 million of the bonds with a 3% coupon to yield 1.68% to 1.69%.
Proceeds will be used to fund anticipated cash flow shortfalls in the general fund for the fiscal year ending June 30, 2009.
| Issuer: | Colorado
|
| Issue: | General fund tax and revenue anticipation notes
|
| Amount: | $350 million
|
| Type: | Competitive
|
| Net interest cost: | 1.71%
|
| Maturity: | June 26, 2009
|
| Ratings: | Standard & Poor's: SP-1+
|
| Fitch: F-1+
|
| Pricing date: | June 26
|
| Settlement date: | July 8
|
|
|
| Morgan Stanley portion
|
| Amount: | $235 million
|
| Underwriter: | Morgan Stanley
|
| Coupon: | 3%
|
| Yields: | 1.69%-1.7%
|
|
|
| Citigroup portion
|
| Amount: | $115 million
|
| Underwriter: | Citigroup Global Markets
|
| Coupon: | 3%
|
| Yields: | 1.68%-1.69%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
