By Cristal Cody
Tupelo, Miss., Oct. 9 - The California Department of Transportation priced $97.635 million in federal highway grant anticipation bonds with a 4.72% true interest cost, a source said Thursday.
The series 2008A bonds (Aa3/AA-/AA-) have serial maturities from 2009 through 2020.
Additional pricing terms were not immediately available.
J.P. Morgan Securities Inc. was the senior manager of the negotiated sale.
Co-managers were Ramirez & Co., Great Pacific Securities, Jackson Securities, Merrill Lynch & Co., Morgan Keegan & Co., Morgan Stanley & Co. Inc., Piper Jaffray & Co. and Siebert Brandford Shank & Co.
Proceeds will be used to finance two California highway rehabilitation projects in the cities of Auburn and Truckee.
| Issuer: | California Department of Transportation
|
| Issue: | Series 2008A grant anticipation bonds
|
| Amount: | $97.635 million
|
| Type: | Negotiated
|
| True interest cost: | 4.72%
|
| Maturities: | 2009-2020
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Oct. 8
|
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