Citizens Property Insurance, Fla., to sell $900 million of senior secured bonds

By Sheri Kasprzak

New York, June 16 - The Citizens Property Insurance Corp. of Florida is set to price $900 million of series 2011A coastal account senior secured bonds, said a preliminary official statement.

The bonds will be sold in four tranches, but the breakdown has not been determined.

Citigroup Global Markets Inc. is the senior manager. The co-managers are Bank of America Merrill Lynch; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Morgan Stanley & Co. Inc.; Loop Capital Markets LLC; Ramirez & Co. Inc.; and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to help Citizens meet its claims-paying needs for the 2011 hurricane season for its coastal account.

Based in Jacksonville, Fla., Citizens is a government entity created to provide residential and commercial property and casualty insurance to certain properties in Florida.

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