Published on 10/28/2010 in the Prospect News Municipals Daily.
New Issue: Tallahassee, Fla., sells $155.79 million revenue bonds
By Sheri Kasprzak
New York, Oct. 28 - The City of Tallahassee, Fla., sold $155.785 million in series 2010 energy system revenue bonds on Wednesday in two tranches, according to a pricing sheet released Thursday.
The sale included $122.28 million in series 2010B Build America Bonds and $33.505 million in series 2010C tax-exempt bonds.
The 2010B bonds are due Oct. 1, 2040 and have a 5.969% coupon priced at par. The 2010C bonds are due 2012 to 2029 with coupons from 4% to 5%.
Goldman Sachs & Co. was the senior manager for the bonds (Aa3/AA/AA-) with RBC Capital Markets Corp., J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC as the co-managers.
Proceeds will be used to construct improvements to the city's energy system.
| Issuer: | City of Tallahassee
|
| Issue: | Series 2010 energy system revenue bonds
|
| Amount: | $155.785 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), RBC Capital Markets Corp., J.P. Morgan Securities LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 12
|
|
|
| $122.28 million series 2010B Build America Bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $122.28 million | Oct. 1, 2040 | Term | 5.969% | 100
|
|
|
| $33.505 million series 2010C
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.045 million | 2012 | Serial | 5% | 107.943
|
| $1.095 million | 2013 | Serial | 5% | 111.199
|
| $1.145 million | 2014 | Serial | 5% | 113.609
|
| $1.485 million | 2015 | Serial | 5% | 115.458
|
| $1.735 million | 2016 | Serial | 5% | 116.276
|
| $1.815 million | 2017 | Serial | 4% | 109.698
|
| $1.885 million | 2018 | Serial | 5% | 115.774
|
| $1.98 million | 2019 | Serial | 5% | 115.159
|
| $3.325 million | 2020 | Serial | 5% | 114.6
|
| $3.485 million | 2021 | Serial | 5% | 113.769
|
| $3.465 million | 2022 | Serial | 5% | 113.437
|
| $3.835 million | 2023 | Serial | 5% | 113.005
|
| $4.04 million | 2024 | Serial | 5% | 112.851
|
| $1.43 million | 2025 | Serial | 4% | 98.89
|
| $910,000 | 2026 | Serial | 4% | 97.694
|
| $935,000 | 2027 | Serial | 4% | 96.42
|
| $975,000 | 2028 | Serial | 4.25% | 98.152
|
| $900,000 | 2029 | Serial | 4.375% | 98.416
|
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