Published on 3/22/2013 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County Expressway Authority brings $270.22 million of refunding bonds
By Sheri Kasprzak
New York, March 22 - The Miami-Dade County Expressway Authority of Florida sold $270.22 million of series 2013A toll system refunding revenue bonds, according to a pricing sheet.
The bonds (A3/A-/A-) were sold on a negotiated basis with BofA Merrill Lynch as the senior manager.
The bonds are due 2013 to 2033 with 2% to 5% coupons.
Proceeds will be used to current refund the authority's series 2001A and 2002 revenue bonds and advance refund its series 2004B revenue bonds.
| Issuer: | Miami-Dade County Expressway Authority
|
| Issue: | Series 2013A toll system refunding revenue bonds
|
| Amount: | $270.22 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan, Sterne, Agee & Leach Inc., Rice Financial Products Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | March 21
|
| Settlement date: | April 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.2 million | 2013 | Serial | 2% | 100.32
|
| $1.7 million | 2014 | Serial | 3% | 103.08
|
| $2.2 million | 2016 | Serial | 4% | 109.722
|
| $10.43 million | 2017 | Serial | 5% | 115.788
|
| $13.19 million | 2018 | Serial | 5% | 117.79
|
| $9,845,000 | 2019 | Serial | 5% | 119.111
|
| $14.35 million | 2020 | Serial | 5% | 119.992
|
| $15.18 million | 2021 | Serial | 5% | 120.375
|
| $15,935,000 | 2022 | Serial | 5% | 120.225
|
| $16.74 million | 2023 | Serial | 5% | 118.245
|
| $17,575,000 | 2024 | Serial | 5% | 116.565
|
| $2.21 million | 2025 | Serial | 3.25% | 99.002
|
| $16.24 million | 2025 | Serial | 5% | 114.828
|
| $19,335,000 | 2026 | Serial | 5% | 113.375
|
| $20,305,000 | 2027 | Serial | 5% | 112.615
|
| $21,315,000 | 2028 | Serial | 5% | 111.861
|
| $22,385,000 | 2029 | Serial | 5% | 111.362
|
| $11.63 million | 2030 | Serial | 5% | 110.865
|
| $12,215,000 | 2031 | Serial | 5% | 110.453
|
| $4,345,000 | 2032 | Serial | 4% | 100
|
| $8,475,000 | 2032 | Serial | 5% | 110.125
|
| $13.42 million | 2033 | Serial | 5% | 109.879
|
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