By Sheri Kasprzak
New York, July 9 - Oakland, Calif., priced $70 million in series 2008A tax and revenue anticipation notes, said a source at the issuer.
The bonds (MIG1/SP-1+/F1+) were sold on a competitive basis with Citigroup Global Markets as the winner with a 1.552% true interest cost.
The bonds due July 17, 2009 were priced at par with a 3% coupon.
Proceeds will be used for anticipated midyear cash flow needs and the prepayment of the city's annual contribution to the California Public Employees Retirement System for fiscal years 2008 to 2009.
| Issuer: | Oakland, Calif.
|
| Issue: | Series 2008A tax and revenue anticipation notes
|
| Amount: | $70 million
|
| Type: | Competitive
|
| Maturity: | July 17, 2009
|
| Coupon: | 3%
|
| Price: | Par
|
| TIC: | 1.552%
|
| Underwriter: | Citigroup Global Markets
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | July 9
|
| Settlement date: | July 18
|
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