Philadelphia Hopes to Save $27 Million on $207.5 Million Refunding

D'Ambrosio, Gillian
May 2003
Bond Buyer;5/30/2003, Vol. 344 Issue 31646, p3
Trade Publication
Philadelphia, Pennsylvania is looking to produce approximately 27 million dollars in present value savings through a 207.5 million dollars negotiated refunding deal that may take place in late June or in early July in 2003. The lease revenue bonds, to be sold through the Philadelphia Municipal Authority, will refund two series of bonds issued in the early 1990s. The deal's roughly 65.2 million dollars in Series 2003A bonds is a current refunding of Series 1991A lease revenue bonds and Series 1993C and 1993D bonds. The deal will be structured as serials, and the bonds will be insured. Ballard Spahr Andrews&Ingersoll LLP and Frank Canty of Philadelphia will be co-bond counsel. J.P. Morgan Securities Inc. is the lead underwriter on the deal.


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