Pittsburgh Schools Put $69M Refunding on Tomorrow's Slate

D'Ambrosio, Gillian
June 2003
Bond Buyer;6/25/2003, Vol. 344 Issue 31664, p5
Trade Publication
The Pittsburgh School District, Pennsylvania is `hoping to catch a downdraft in interest rates, is tentatively slated to sell about $69 million of refunding general obligation bonds on June 26, 2003. While the structure of the deal will be determined by market conditions on the day of the sale, the bonds will maintain their original maturities through 2018 and will be issued at a fixed rate. UBS Financial Services Inc. is the senior underwriter on the deal, while Citigroup Global Markets Inc., PNC Capital Markets Inc., and Loop Capital Markets LLC serve as co-managers. Moody's Investors Service Inc. assigned its A2 underlying rating to the bonds and an A1 enhanced rating to the bonds, based on Pennsylvania's Act 150 School District Intercept Program, which calls for undistributed state aid to be funneled to bondholders in the case of a default.


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