Published on 1/27/2014 in the Prospect News Municipals Daily.
New Issue: Jacksonville Electric Authority sells $287.92 million of electric bonds
By Sheri Kasprzak
New York, Jan. 27 - The Jacksonville Electric Authority of Florida sold $287.92 million of series 2014A electric system revenue bonds, according to a pricing sheet.
The bonds were sold through RBC Capital Markets LLC and Wells Fargo Securities LLC.
The deal included $50.03 million of series three 2014A bonds (Aa2/AA-/AA) and $237.89 million of series 2014A subordinate bonds (Aa3/A+/AA).
The series three 2014A bonds are due 2014 to 2034 with 2% to 5% coupons with 0.15% to 4.36% yields.
The 2014A subordinate bonds are due 2014 to 2034 with term bonds due in 2036 and 2039. The serial coupons range from 2% to 5% with 0.17% to 4.62% yields. The 2036 bonds have a 4.5% coupon with a 4.62% yield and the 2039 bonds have a 5% coupon with a 4.44% yield.
Proceeds will be used to refund the authority's series 2008E and 2009A electric system revenue bonds.
| Issuer: | Jacksonville Electric Authority, Fla.
|
| Issue: | Series 2014A electric system revenue bonds
|
| Amount: | $287.92 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Wells Fargo Securities LLC (lead), BofA Merrill Lynch, Barclays, BMO Capital Markets LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan and U.S. Bancorp Investments Inc. (co-managers)
|
| Pricing date: | Jan. 16
|
| Settlement date: | Feb. 5
|
|
|
| $50.03 million series three 2014A bonds (Aa2/AA-/AA)
|
| Amount | Maturity | Type | Coupon | Yield
|
| $610,000 | 2014 | Serial | 2% | 0.15%
|
| $1,855,000 | 2015 | Serial | 3% | 0.33%
|
| $1,855,000 | 2016 | Serial | 3% | 0.53%
|
| $2.05 million | 2017 | Serial | 4% | 0.83%
|
| $2.06 million | 2018 | Serial | 5% | 1.24%
|
| $1,285,000 | 2019 | Serial | 5% | 1.60%
|
| $1,805,000 | 2020 | Serial | 4% | 2.13%
|
| $2.83 million | 2021 | Serial | 2.6% | 2.63%
|
| $2,825,000 | 2022 | Serial | 2.875% | 2.96%
|
| $2,925,000 | 2023 | Serial | 3.1% | 3.19%
|
| $3.02 million | 2024 | Serial | 3.3% | 3.38%
|
| $4,125,000 | 2025 | Serial | 3.4% | 3.60%
|
| $4,175,000 | 2026 | Serial | 3.5% | 3.71%
|
| $4.32 million | 2027 | Serial | 3.6% | 3.82%
|
| $4.48 million | 2028 | Serial | 3.75% | 3.90%
|
| $3.46 million | 2029 | Serial | 4% | 4.00%
|
| $1.27 million | 2030 | Serial | 4% | 4.05%
|
| $1,325,000 | 2031 | Serial | 4% | 4.14%
|
| $1,375,000 | 2032 | Serial | 4.1% | 4.23%
|
| $1,185,000 | 2033 | Serial | 4.25% | 4.30%
|
| $1,195,000 | 2034 | Serial | 4.3% | 4.36%
|
|
|
| $237.89 million series 2014A subordinate bonds (Aa3/A+/AA)
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.94 million | 2014 | Serial | 2% | 0.17%
|
| $8.18 million | 2015 | Serial | 3% | 0.40%
|
| $9.33 million | 2016 | Serial | 3% | 0.65%
|
| $11.21 million | 2017 | Serial | 4% | 0.92%
|
| $10.99 million | 2018 | Serial | 5% | 1.37%
|
| $14,635,000 | 2019 | Serial | 5% | 1.74%
|
| $8,335,000 | 2020 | Serial | 4% | 2.18%
|
| $8,325,000 | 2020 | Serial | 5% | 2.18%
|
| $12.28 million | 2021 | Serial | 5% | 2.50%
|
| $6.28 million | 2022 | Serial | 5% | 2.85%
|
| $6,585,000 | 2023 | Serial | 5% | 3.07%
|
| $6,915,000 | 2024 | Serial | 5% | 3.25%
|
| $7,265,000 | 2025 | Serial | 5% | 3.42%
|
| $7,995,000 | 2026 | Serial | 5% | 3.55%
|
| $13,235,000 | 2027 | Serial | 5% | 3.67%
|
| $12,925,000 | 2028 | Serial | 5% | 3.78%
|
| $4,185,000 | 2029 | Serial | 4% | 4.15%
|
| $4.35 million | 2030 | Serial | 4% | 4.25%
|
| $4,535,000 | 2031 | Serial | 4.125% | 4.34%
|
| $4.72 million | 2032 | Serial | 4.25% | 4.40%
|
| $13,815,000 | 2033 | Serial | 5% | 4.21%
|
| $11,815,000 | 2034 | Serial | 5% | 4.26%
|
| $18,825,000 | 2036 | Term | 4.5% | 4.62%
|
| $25.22 million | 2039 | Term | 5% | 4.44%
|
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