Pennsylvania looks to refund 20 bond series with proceeds of G.O. sale

By Angela McDaniels

Tacoma, Wash., May 5 - The Commonwealth of Pennsylvania plans to refund several series of bonds with some of the proceeds of its upcoming series 2009 general obligation refunding bonds, according to a notice.

The series 2009 bonds are expected to be sold in a public offering May 19 and settle June 2.

The first bonds to be refunded are Pennsylvania's $28.500 million first series of 1999 G.O. bonds. Half of these bonds are due June 1, 2010, and the remainder are due June 1, 2011. Both tranches are expected to be refunded June 2.

The tentative list of bonds to be refunded with the proceeds also includes the commonwealth's:

• $19.850 million second series of 1999 G.O. bonds, which are due in 2010 and have an Oct. 1, 2009 redemption date;

• $9.805 million first series of 2000 G.O. bonds, which are due in 2011 and have a Jan. 15, 2010 redemption date;

• $11.350 million second series of 2000 G.O. bonds, which are due in 2011 and have an Oct. 15, 2010 redemption date;

• $35.260 million first series of 2001 G.O. bonds, which have a Jan. 15, 2011 redemption date. Half of these bonds are due in 2013 and the other half in 2014;

• $30.100 million second series of 2001 G.O. bonds, which have a Sept. 15, 2011 redemption date. Half of these are due in 2013 and the other half in 2014; and

• $29.335 million first series of 2002 G.O. bonds, which have a Feb. 1, 2012 redemption date. Of these notes, $14.330 million are due in 2013 and $15.005 million are due in 2014.

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