Published on 6/4/2014 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County Expressway prices $308.68 million toll system bonds
By Sheri Kasprzak
New York, June 4 - The Miami-Dade County Expressway Authority of Florida sold $308,675,000 of series 2014A toll system revenue bonds, said a term sheet. The offering was downsized from $340 million.
The bonds (A3/A-/A-) were sold through Morgan Stanley & Co. LLC and Citigroup Global Markets Inc.
The bonds are due 2020 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 4% to 5% with yields from 1.88% to 4.15%. The 2039 bonds have a 4.3% coupon priced at 99.24 to yield 4.35% and a 5% coupon priced at 107.853 to yield 4.04%. The 2044 bonds have a 5% coupon priced at 107.34 to yield 4.10%.
Proceeds will be used to finance improvements to the toll system as part of the authority's five-year plan.
| Issuer: | Miami-Dade County Expressway Authority
|
| Issue: | Series 2014A toll system revenue bonds
|
| Amount: | $308,675,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Citigroup Global Markets Inc. (lead), RBC Capital Markets LLC and Rice Financial Products Co. (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | June 4
|
| Settlement date: | June 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,535,000 | 2020 | Serial | 4% | 112.037 | 1.88%
|
| $5,145,000 | 2020 | Serial | 5% | 117.716 | 1.88%
|
| $700,000 | 2021 | Serial | 5% | 118.152 | 2.20%
|
| $7.35 million | 2022 | Serial | 5% | 118.092 | 2.50%
|
| $7,715,000 | 2023 | Serial | 4% | 110.105 | 2.73%
|
| $8,025,000 | 2024 | Serial | 5% | 118.167 | 2.90%
|
| $8,425,000 | 2025 | Serial | 5% | 116.65 | 3.06%
|
| $8,845,000 | 2026 | Serial | 5% | 115.157 | 3.22%
|
| $9.29 million | 2027 | Serial | 5% | 114.327 | 3.31%
|
| $9,755,000 | 2028 | Serial | 5% | 113.504 | 3.40%
|
| $10.24 million | 2029 | Serial | 5% | 112.688 | 3.49%
|
| $10.75 million | 2030 | Serial | 5% | 111.969 | 3.57%
|
| $11.29 million | 2031 | Serial | 5% | 111.344 | 3.64%
|
| $11,855,000 | 2032 | Serial | 5% | 110.723 | 3.71%
|
| $12,445,000 | 2033 | Serial | 5% | 110.107 | 3.78%
|
| $1,725,000 | 2034 | Serial | 4.125% | 99.66 | 4.15%
|
| $11,345,000 | 2034 | Serial | 5% | 109.669 | 3.83%
|
| $3,195,000 | 2039 | Term | 4.3% | 99.24 | 4.35%
|
| $72.51 million | 2039 | Term | 5% | 107.853 | 4.04%
|
| $96,535,000 | 2044 | Term | 5% | 107.34 | 4.10%
|
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