By Cristal Cody
Eureka Springs, Ark., July 1 – Kern County, Calif., sold $150 million of 2016-17 tax and revenue anticipation notes (/SP-1+/) in three tranches, said a pricing sheet.
The county priced $64 million of 2% notes due March 15, 2017 at 100.975 to yield 0.59%.
The $56 million tranche of 3% notes due May 15, 2017 priced at 102.021 to yield 0.64%.
In the final tranche, the county sold $40 million of 3% notes due June 30, 2017 at 102.282 to yield 0.67%.
BofA Merrill Lynch arranged the negotiated deal.
Proceeds will be used to meet the county’s fiscal year 2016-17 general fund expenditures.
| Issuer: | County of Kern, California
|
| Issue: | Tax and revenue anticipation notes
|
| Amount: | $160 million
|
| Type: | Negotiated
|
| Bookrunner: | BofA Merrill Lynch
|
| Ratings: | Standard & Poor’s: SP-1+
|
| Pricing date: | June 22
|
| Settlement date: | July 5
|
|
|
| Series 2016-17 TRANs
|
| Maturity | Amount | Price | Coupon | Yield
|
| March 15, 2017 | $64 million | 100.975 | 2% | 0.59%
|
| May 15, 2017 | $56 million | 102.021 | 3% | 0.64%
|
| June 30, 2017 | $40 million | 102.282 | 3% | 0.67%
|
|
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