By Cristal Cody
Springdale, Ark., July 17 - The Charleston County School District in South Carolina priced $63.4 million tax anticipation notes with a 1.514% net interest cost on Thursday, a source told Prospect News.
The series 2008 notes (MIG1) priced with a 2.5% coupon to yield 1.504%.
The notes are due April 1, 2009.
Lehman Brothers was the winning bidder out of eight bids in the competitive sale.
Proceeds will be used to fund operational expenditures during the fiscal year that began July 1, 2008 and ends June 30, 2009, pending the collection of property taxes.
| Issuer: | Charleston County School District (South Carolina)
|
| Issue: | Series 2008 tax anticipation notes
|
| Total amount: | $63.4 million
|
| Type: | Competitive
|
| Net interest cost: | 1.514%
|
| Coupon: | 2.5%
|
| Yield: | 1.504%
|
| Maturity: | April 1, 2009
|
| Underwriter: | Lehman Brothers
|
| Ratings: | Moody's: MIG1
|
| Pricing date: | July 17
|
| Settlement date: | July 31
|
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