A sewage treatment revenue bond issue is being underwritten on a negotiated basis. The offering consists of $50,000,000 par value of term bonds. The underwriter has agreed to a spread of $45 for each $5,000 bond. The manager has set the additional takedown at $10.00 per bond and the selling concession at $30.00 per bond. After the offering is completed, the issuer will receive:

$49,550,000

Explanation:

Data provided

Bonds per value = $50,000,000

Spread of $45 for each $5,000 bond

Per bond = $10.00

Selling concession = $30.00 per bond

The calculation of given question is as shown below:-

Issuer receives = $5,000 - $45

= $4,955

Offering bond = $50,000,000 ÷ $5,000

= $10,000

Receive amount= offering bond × Issuer receives

= $10,000 × $4,995

= $49,550,000

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