By Cristal Cody
Prospect News, April 10 - The City of Memphis priced a restructured $71,975,000 of series 2012 bond anticipation notes on Tuesday, an informed source said.
The deal was initially expected at $75.4 million.
The notes due April 1, 2014 priced with a 3% coupon to yield 0.35%.
The BANs (MIG1/SP-1+/) priced competitively with a true interest cost of 0.375663%.
J.P. Morgan Securities LLC was the winning bidder.
First Southwest Co. and ComCap Advisors were the financial advisers.
Proceeds will be used to refund and pay at maturity the city's series 2010 notes, which are due May 1, 2012.
| Issuer: | City of Memphis
|
| Amount: | $71,975,000
|
| Issue: | Bond anticipation notes
|
| Maturity: | April 1, 2014
|
| Type: | Competitive
|
| Coupon: | 3%
|
| Yield: | 0.35%
|
| True interest cost: | 0.375663%
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Pricing date: | April 10
|
| Settlement date: | April 24
|
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