By Cristal Cody
Springdale, Ark., Feb. 25 - El Paso, Texas, priced $56.655 million general obligation bonds with a 4.7% true interest cost, but decided to hold off on offering $21.425 million refunding bonds, the issuer told Prospect News on Monday.
The $56.655 million series 2008 bonds (-/AA/AA-) were sold Thursday in a negotiated sale managed by Banc of America Securities and co-managers Morgan Stanley and Wachovia Bank, said Bill Studer, city manager for El Paso.
The bonds were insured by FSA and have serial maturities from 2010 to 2033.
Coupon and yield information were not available.
The district will reconsider pricing series 2008A bonds at a later time, Studer said. Proceeds from the 2008A bonds would be used to refund part of the city's outstanding debt
Proceeds from the 2008 bonds are for improvements to the city's park, zoo, library and history museum, streets, fire, police and public facilities.
| Issuer: | El Paso, Texas
|
| Issue: | General obligation bonds
|
| Type: | Negotiated
|
| Amount: | $56.655 million
|
| True interest cost: | 4.7%
|
| Maturities: | 2010 to 2033
|
| Underwriter: | Banc of America Securities (lead)
|
| Ratings: | S&P: AA
|
| Fitch: AA-
|
| Pricing date: | Feb. 21
|
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