By Cristal Cody
Tupelo, Miss., Dec. 9 - The State of Colorado sold $500 million in 2% general fund tax and revenue anticipation notes due June 27, 2011 on Thursday to yield 0.295% to 0.3%, an informed source said.
The series 2010 notes (MIG1/SP1+/) were sold at a true interest cost of 0.29892% through a competitive sale. J.P. Morgan Securities Inc. was the winning bidder.
Stifel, Nicolaus & Co., Inc. was the financial advisor.
Proceeds will be used to fund anticipated cash flow shortfalls in the state's general fund in the July 1, 2010-June 30, 2011 fiscal year.
| Issuer: | State of Colorado
|
| Issue: | Tax and revenue anticipation notes
|
| Amount: | $500 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| Maturities: | June 27, 2011
|
| Coupon: | 2%
|
| Yield: | 0.295%-0.3%
|
| True interest cost: | 0.29892%
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP1+
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
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