Pennsylvania sold nearly $289 million of parking revenue bonds yesterday — a critical component of the recovery plan for its cash-strapped capital city Harrisburg, Reuters reported yesterday. The deal, from the Pennsylvania Economic Development Financing Authority, included three series. The largest was about $119 million of bonds with a triple-B underlying rating, insured by Assured Guaranty Municipal Corp, that sold with a top yield of 5.45 percent on bonds maturing in 2044 with a 5.25 percent coupon during institutional pricing, according to preliminary pricing. The bonds were sold through lead manager Guggenheim Securities. Two series of junior lien parking revenue bonds, for about $99 million and $70 million, also priced. Harrisburg's recovery plan, approved by a court and crafted by the city's state-appointed receiver William Lynch, calls for the city to lease up to 10 public parking garages and four or five public parking lots, and for a franchise agreement for about 1,250 metered spaces.
