New Issue: Cabarrus County, N.C., sells $85.17 million COPs at 2.25%-5.05% yields

By Sheri Kasprzak

New York, June 29 - Cabarrus County in North Carolina priced $85.17 million in series 2009 certificates of participation, according to an official statement.

The certificates (Aa3/AA/AA-) were sold through lead manager Southwest Securities Inc. The co-manager was Merrill Lynch & Co. Inc.

The COPs are due 2012 to 2029. The coupons range from 3% to 5% and yields range from 2.25% to 5.05%.

Proceeds will be used to fund a variety of school projects.

The count seat of Cabarrus County is Concord, N.C.

Issuer:	Cabarrus County, N.C.
Issue:	Series 2009 certificates of participation
Amount:	$85.17 million
Type:	Negotiated
Underwriters:	Southwest Securities Inc. (lead); Merrill Lynch & Co. Inc. (co-manager)
Ratings:	Moody's: Aa3
	Standard & Poor's: AA
	Fitch: AA-
Pricing date:	June 25
Settlement date:	July 16
Maturity	Type	Coupon	Yield
2012	Serial	3%	2.25%
2013	Serial	3%	2.26%
2013	Serial	4%	2.26%
2013	Serial	5%	2.26%
2014	Serial	4%	3.04%
2014	Serial	5%	3.04%
2015	Serial	4%	3.28%
2016	Serial	3.5%	3.52%
2016	Serial	5%	3.52%
2017	Serial	3.5%	3.78%
2017	Serial	4%	3.78%
2017	Serial	5%	3.78%
2018	Serial	4%	3.98%
2018	Serial	5%	3.98%
2019	Serial	4%	4.15%
2019	Serial	5%	4.15%
2020	Serial	4.25%	4.33%
2020	Serial	5%	4.33%
2021	Serial	4.375%	4.47%
2021	Serial	5%	4.47%
2022	Serial	4.25%	4.57%
2022	Serial	5%	4.57%
2023	Serial	4.5%	4.67%
2023	Serial	5%	4.67%
2024	Serial	4.5%	4.75%
2024	Serial	5%	4.75%
2025	Serial	5%	4.84%
2026	Serial	4.75%	4.90%
2026	Serial	5%	4.90%
2027	Serial	4.75%	4.94%
2028	Serial	4.75%	4.98%
2029	Serial	5%	5.05%

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