By Sheri Kasprzak
New York, Oct. 28 - Durham County in North Carolina priced $60 million in series 2010 general obligation bonds, according to a pricing sheet.
The sale included $25.98 million in series 2010A bonds and $34.02 million in series 2010B Build America Bonds. The offering originally included $65.755 million in series 2010C G.O. refunding bonds, but that portion was pulled.
The bonds (Aaa/AAA/) were sold through Bank of America Merrill Lynch with Stephens Inc. as the co-manager for the 2010B bonds.
The 2010A bonds are due 2011 to 2018 with 2% to 5% coupons. The 2010B bonds are due 2019 to 2030 with coupons from 3.505% to 5.234%, all priced at par.
Proceeds will be used to pay capital costs associated with school, community college and museum improvements, as well as to discharge an existing G.O. bond anticipation note with Bank of America NA and refund G.O. debt.
| Issuer: | Durham County, N.C.
|
| Issue: | Series 2010 general obligation bonds
|
| Amount: | $60 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Stephens Inc. (co-manager for series B)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 10
|
|
|
| $25.98 million series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.435 million | 2011 | Serial | 2% | 101.624
|
| $3.165 million | 2012 | Serial | 4% | 106.808
|
| $3.19 million | 2013 | Serial | 5% | 112.511
|
| $3.215 million | 2014 | Serial | 5% | 115.549
|
| $3.225 million | 2015 | Serial | 5% | 117.98
|
| $3.24 million | 2016 | Serial | 5% | 119.615
|
| $3.25 million | 2017 | Serial | 5% | 120.45
|
| $3.26 million | 2018 | Serial | 5% | 121.11
|
|
|
| $34.02 million series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.23 million | 2019 | Serial | 3.505% | 100
|
| $3.155 million | 2020 | Serial | 3.655% | 100
|
| $3.08 million | 2021 | Serial | 3.855% | 100
|
| $3.005 million | 2022 | Serial | 3.955% | 100
|
| $2.935 million | 2023 | Serial | 4.155% | 100
|
| $2.865 million | 2024 | Serial | 4.305% | 100
|
| $2.795 million | 2025 | Serial | 4.455% | 100
|
| $2.725 million | 2026 | Serial | 4.634% | 100
|
| $2.655 million | 2027 | Serial | 4.884% | 100
|
| $2.59 million | 2028 | Serial | 5.034% | 100
|
| $2.525 million | 2029 | Serial | 5.134% | 100
|
| $2.46 million | 2030 | Serial | 5.234% | 100
|
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