By Sheri Kasprzak
New York, Sept. 1 - The city of Fort Worth priced $140.8 million in series 2009 general purpose bonds and certificates of obligation on Tuesday, said a sellside source close to the sale.
The sale included $85.2 million in series 2009 general purpose bonds and $55.6 million in series 2009 certificates of obligation (Aa2/AA+/AA).
Both were sold competitively. J.P. Morgan Securities Inc. took the general purpose bonds with a 3.73% true interest cost, and RBC Capital Markets Inc. won the certificates with a 3.48% TIC.
The general purpose bonds are due 2010 to 2029 and were not reoffered. The certificates are due 2010 to 2029 with coupons from 4.375% to 5% and yields from 0.55% to 3%.
Proceeds will be used to construct street and sewer improvements, to make park and recreation and drainage improvements, as well as to acquire traffic equipment.
| Issuer: | Fort Worth
|
| Issue: | Series 2009 general purpose bonds and certificates of obligation
|
| Amount: | $140.8 million
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities Inc. (lead for general purpose bonds); RBC Capital Markets Inc. (lead for certificates)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 30
|
|
|
| Series 2009 general purpose bonds
|
| Amount: | $85.2 million
|
| TIC: | 3.73%
|
|
|
| Series 2009 certificates of obligation
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| Amount: | $55.6 million
|
| TIC: | 3.48%
|
| Coupons: | 4.375% to 5%
|
| Yields: | 0.55% to 3%
|
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