Published on 1/6/2015 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., offers $375.12 million general obligation debt
By Sheri Kasprzak
New York, Jan. 6 – Miami-Dade County, Fla., sold $375.12 million of series 2015 general obligation bonds, said a pricing sheet.
The offering included $49.99 million of series 2015A parks program G.O. refunding bonds, $230,215,000 of series 2015B Building Better Communities program G.O. refunding bonds and $94,915,000 of series 2015C public health trust G.O. bonds.
The 2015A bonds are due 2020 to 2030 with 3% to 5% coupons and 1.62% to 3.162% yields.
The 2015B bonds are due 2020 to 2035 with 3% to 5% coupons and yields from 1.56% to 3.29%.
The 2015C bonds are due 2015 to 2037 with a term bond due in 2044. The serial coupons range from 2% to 5% with yields from 0.30% to 3.35%. The 2044 bonds have a 4% coupon priced at 103.095 to yield 3.61%.
The bonds (Aa2/AA/) were sold competitively, but the issuer did not immediately respond to requests for the winning bidder.
Proceeds will be used to refund existing debt and finance projects for the county’s public health trust program.
| Issuer: | Miami-Dade County, Fla.
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $375.12 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | Jan. 6
|
| Settlement date: | Jan. 21
|
|
|
| $49.99 million series 2015A parks program G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.51 million | 2020 | Serial | 5% | 118.568 | 1.62%
|
| $3,695,000 | 2021 | Serial | 5% | 120.188 | 1.82%
|
| $3.88 million | 2022 | Serial | 5% | 121.909 | 1.95%
|
| $4,075,000 | 2023 | Serial | 5% | 123.494 | 2.06%
|
| $4.29 million | 2024 | Serial | 5% | 125 | 2.151%
|
| $4,505,000 | 2025 | Serial | 5% | 123.913 | 2.26%
|
| $4.74 million | 2026 | Serial | 5% | 123.32 | 2.32%
|
| $4,985,000 | 2027 | Serial | 5% | 122.829 | 2.37%
|
| $5.24 million | 2028 | Serial | 5% | 122.34 | 2.42%
|
| $5,455,000 | 2029 | Serial | 3% | 99 | 3.085
|
| $5,615,000 | 2030 | Serial | 3% | 98 | 3.162%
|
|
|
| $230,215,000 series 2015B Building Better Communities program G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,075,000 | 2020 | Serial | 5% | 117.887 | 1.56%
|
| $3.54 million | 2021 | Serial | 5% | 119.656 | 1.76%
|
| $3,715,000 | 2022 | Serial | 5% | 120.807 | 1.98%
|
| $3.91 million | 2023 | Serial | 5% | 121.986 | 2.14%
|
| $7.62 million | 2024 | Serial | 5% | 123.567 | 2.22%
|
| $9,765,000 | 2025 | Serial | 5% | 123.375 | 2.24%
|
| $12.13 million | 2026 | Serial | 5% | 122.516 | 2.33%
|
| $12,735,000 | 2027 | Serial | 5% | 121.853 | 2.4%
|
| $15.32 million | 2028 | Serial | 5% | 121.194 | 2.47%
|
| $16.09 million | 2029 | Serial | 5% | 120.726 | 2.52%
|
| $16.89 million | 2030 | Serial | 3% | 99.386 | 3.05%
|
| $17.4 million | 2031 | Serial | 4% | 107.403 | 3.09%
|
| $24.5 million | 2032 | Serial | 4% | 106.98 | 3.14%
|
| $25,475,000 | 2033 | Serial | 4% | 106.558 | 3.19%
|
| $26,495,000 | 2034 | Serial | 4% | 106.139 | 3.24%
|
| $27,555,000 | 2035 | Serial | 4% | 105.72 | 3.29%
|
|
|
| $94,915,000 series 2015C public health trust program G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $830,000 | 2015 | Serial | 2% | 100.754 | 0.3%
|
| $1,885,000 | 2016 | Serial | 2% | 102.229 | 0.45%
|
| $1,925,000 | 2017 | Serial | 2% | 102.898 | 0.8%
|
| $1.96 million | 2018 | Serial | 2% | 103.033 | 1.1%
|
| $2 million | 2019 | Serial | 5% | 115.459 | 1.4%
|
| $2.1 million | 2020 | Serial | 2% | 102.287 | 1.56%
|
| $2,145,000 | 2021 | Serial | 2% | 101.639 | 1.73%
|
| $2,185,000 | 2022 | Serial | 2% | 100.69 | 1.9%
|
| $2.23 million | 2023 | Serial | 5% | 122.766 | 2.05%
|
| $2.34 million | 2024 | Serial | 5% | 124.241 | 2.15%
|
| $2.46 million | 2025 | Serial | 5% | 122.801 | 2.3%
|
| $2.58 million | 2026 | Serial | 5% | 121.853 | 2.4%
|
| $2.71 million | 2027 | Serial | 5% | 120.913 | 2.5%
|
| $2,845,000 | 2028 | Serial | 5% | 120.446 | 2.55%
|
| $2.99 million | 2029 | Serial | 5% | 119.982 | 2.6%
|
| $3,135,000 | 2030 | Serial | 5% | 119.519 | 2.65%
|
| $3,295,000 | 2031 | Serial | 5% | 119.059 | 2.7%
|
| $3.46 million | 2032 | Serial | 3% | 98.659 | 3.1%
|
| $3,565,000 | 2033 | Serial | 3.1% | 99.303 | 3.15%
|
| $3,675,000 | 2034 | Serial | 3.125% | 98.919 | 3.2%
|
| $3.79 million | 2035 | Serial | 3.125% | 98.142 | 3.25%
|
| $3,905,000 | 2036 | Serial | 3.2% | 98.47 | 3.3%
|
| $4.03 million | 2037 | Serial | 3.25% | 98.429 | 3.35%
|
| $32,875,000 | 2044 | Term | 4% | 103.095 | 3.61%
|
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