By Cristal Cody
Springdale, Ark., June 17 - Pima County, Ariz., priced $50 million certificates of participation with a 3.52% true interest cost, a sellside source said Tuesday.
The series 2008 certificates (A1/A+/) priced with 5% coupons to yield 2.23% in 2009, 3.12% in 2010 and 3.5% in 2011.
RBC Capital Markets managed the negotiated sale.
Proceeds will be used to finance the acquisition of leased property and expansion and upgrades of the county's sewer treatment system and roads.
| Issuer: | Pima County, Ariz.
|
| Issue: | Certificates of participation
|
| Amount: | $50 million
|
| Type: | Negotiated
|
| True interest cost: | 3.52%
|
| Coupon: | 5%
|
| Yields: | 2.23%, 3.12% and 3.5%
|
| Maturities: | 2009-2011
|
| Underwriter: | RBC Capital Markets
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | June 16
|
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