Philadelphia board plans refunding today unless market sputters.

Philadelphia's oversight board plans to offer a $160 million to $180 million refunding issue today, a board official said yesterday.

Ronald G. Henry, executive director of the Pennsylvania Intergovernmental Cooperation Authority, said the ongoing bond market rally has made the refunding economically feasible, but the deal could still be put on hold if the market sours.

The transaction, which will refund a portion of a $475 million 1992 issue, was originally scheduled as part of a PICA deal last month. But the market tanked the day of the pricing, forcing the refunding piece off the table and dropping the issue size to $643 million from $800 million.

The 1992 deal included coupons ranging from 5.20% on serial bonds to 6.80% on $90 million of term bonds due in 2022.

The same team that handled last month's issue will underwrite today's transaction, Henry said. Pryor, McClendon, Counts & Co. will be the bookrunning senior manager and Smith Barney Shearson will be a co-senior manager. PaineWebber Inc. is the financial adviser on the deal.

The authority has scheduled a special meeting of the board for tomorrow to approve the refinancing if an offering proceeds today.

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