Published on 2/26/2015 in the Prospect News Municipals Daily.
New Issue: Jacksonville Electric, Fla., prices $83.33 million revenue bonds
By Sheri Kasprzak
New York, Feb. 26 – The Jacksonville Electric Authority of Florida sold $83,325,000 of series three 2015A revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA-/AA) were sold through Goldman Sachs & Co.
The bonds are due 2015 to 2034 with a term bond due in 2041. The serial coupons range from 1% to 5% with 0.14% to 3.66% yields. The 2041 bonds have a 3.75% coupon priced at 97.856 to yield 3.88%.
Proceeds will be used to refund existing debt.
| Issuer: | Jacksonville Electric Authority
|
| Issue: | Series three 2015A revenue bonds
|
| Amount: | $83,325,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), BofA Merrill Lynch, Barclays, BMO Capital Markets LLC, Citigroup Global Markets Inc., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA-
|
| Fitch: AA
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,515,000 | 2015 | Serial | 1% | 100.458 | 0.14%
|
| $135,000 | 2016 | Serial | 3% | 103.845 | 0.48%
|
| $140,000 | 2017 | Serial | 4% | 108.008 | 0.80%
|
| $145,000 | 2018 | Serial | 5% | 113.478 | 1.10%
|
| $155,000 | 2019 | Serial | 5% | 116.189 | 1.31%
|
| $3.27 million | 2020 | Serial | 5% | 118.342 | 1.53%
|
| $1,555,000 | 2021 | Serial | 5% | 119.844 | 1.77%
|
| $2,185,000 | 2022 | Serial | 5% | 120.804 | 2.01%
|
| $2.71 million | 2023 | Serial | 5% | 121.762 | 2.19%
|
| $2.18 million | 2024 | Serial | 2.5% | 98.328 | 2.70%
|
| $5.93 million | 2025 | Serial | 2.75% | 98.825 | 2.88%
|
| $2.73 million | 2026 | Serial | 3% | 99.516 | 3.05%
|
| $4,105,000 | 2027 | Serial | 3.125% | 98.72 | 3.25%
|
| $3.52 million | 2028 | Serial | 3.25% | 98.596 | 3.38%
|
| $3.08 million | 2029 | Serial | 3.375% | 99.373 | 3.43%
|
| $4.43 million | 2030 | Serial | 3.375% | 98.511 | 3.50%
|
| $1,895,000 | 2031 | Serial | 3.375% | 97.824 | 3.55%
|
| $1,955,000 | 2032 | Serial | 3.5% | 98.707 | 3.60%
|
| $2,025,000 | 2033 | Serial | 3.5% | 98.123 | 3.64%
|
| $1.66 million | 2034 | Serial | 3.5% | 97.78 | 3.66%
|
| $38,005,000 | 2041 | Term | 3.75% | 97.856 | 3.88%
|
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