BRADENTON, Fla. - Bankrupt Jefferson County, Ala., sold $1.8 billion of new sewer warrants following the completion of a three-day pricing, County Commission President David Carrington said in a brief statement Tuesday night.

“Despite the challenges, all of the county's new sewer warrants have been purchased by the underwriters at an all-in cost of borrowing of 6.964% and an average maturity of 32.03 years,” Carrington said. “More than 200 investors placed orders, including international investors located in Europe and Asia.”

Carrington also said that due to the final structure of the financing, the capital expenditure shortfall decreased by more than $60 million. “As such, the county will proceed to [Wednesday’s] bankruptcy confirmation hearing.”

More information is expected to be released Wednesday, he said.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.