Rhode Island puts off $107.41 million sale of G.O. bonds until Tuesday

By Sheri Kasprzak

New York, Nov. 25 - The state of Rhode Island and Providence Plantations delayed the sale of $107.41 million in series 2008 general obligation bonds until early in the Dec. 1 week, said Mark Dingley, chief legal counsel for the state treasurer's office, Tuesday.

"We did not go to market earlier this week as we needed to wait for the rating agencies," Dingley told Prospect News.

"We have now heard from all three agencies (all kept ratings intact) and we hope to do a retail offering next Monday and institutional on Tuesday. The bonds will be priced at that time."

The offering includes $86.875 million in series 2008B consolidated capital development loan bonds, $8.5 million in series 2008C capital development loan bonds and $12.035 million in series 2008D consolidated capital development loan refunding bonds.

The 2008B bonds are due 2010 to 2023 with a term bond due 2028. The 2008C bonds are due 2010 to 2018, and the 2008D bonds are due 2011 to 2018.

Proceeds will be used to refund all outstanding series 2000B bonds.

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