By Cristal Cody
Springdale, Ark., April 29 - Lubbock, Texas, priced $84.5 million certificates of obligation and $2.1 million general obligation bonds on Tuesday, a source told Prospect News.
The series 2008 tax and waterworks system surplus revenue certificates priced with a 4.42% true interest cost. The series 2008 general obligation bonds priced with a 4.8% true interest cost.
Additional pricing terms have not been finalized.
Morgan Stanley was the senior manager of the negotiated sale.
Proceeds will be used for street improvements and upgrades to the city's airport, sewer and water system and fire stations.
| Issuer: | Lubbock, Texas
|
| Type: | Negotiated
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| Underwriter: | Morgan Stanley
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| Ratings: | Standard & Poor's: AA+
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| Fitch: AA
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| Pricing date: | April 29
|
|
|
| Certificates of obligation
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| Issue: | Series 2008 certificates of obligation
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| Amount: | $84.5 million
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| True interest cost: | 4.42%
|
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| G.O. bonds
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| Issue: | Series 2008 general obligation bonds
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| Amount: | $2.1 million
|
| True interest cost: | 4.8%
|
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