By Sheri Kasprzak
New York, July 13 - The Charleston County School District of South Carolina sold $69 million of series 2011 tax anticipation notes competitively on Tuesday with J.P. Morgan Securities LLC winning the bid, said Michael Bobby, the district's chief financial officer, in an interview Wednesday.
As previously reported, the notes (MIG 1) are due April 1, 2012 and have a 2.5% coupon priced at 101.636.
The net interest cost for the notes came out to 0.163586%, Bobby said. There were nine bidders for the offering, he noted.
Proceeds will be used to finance general fund requirements for the coming fiscal year ahead of the receipt of ad valorem taxes and state funds.
| Issuer: | Charleston County School District
|
| Issue: | Series 2011 tax anticipation notes
|
| Amount: | $69 million
|
| Maturity: | April 1, 2012
|
| Coupon: | 2.5%
|
| Price: | 101.636
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| NIC: | 0.163586%
|
| Rating: | Moody's: MIG 1
|
| Pricing date: | July 12
|
| Settlement date: | July 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
