Published on 2/12/2009 in the Prospect News Municipals Daily.
New Issue: Florida Board of Education prices $200 million bonds to yield 1.2% to 5.03%; TIC of 4.704%
By Aaron Hochman-Zimmerman
New York, Feb. 12 - The Florida Board of Education priced $200 million series 2008B public education outlay bonds (Aa1/AAA/AA+) on Tuesday, according to Deborah Higgins of the board.
The competitive bonds were sold to Barclays Capital, Inc. at a TIC of 4.704%.
The serial bonds carry maturities from 2010 to 2032. Term bonds mature from 2033 to 2038.
Starting June 1, 2018 the bonds due 2020 to 2022 are callable at 101. From June 1, 2019 the bonds due 2023 and 2026 to 2032 are callable at par.
Proceeds from the sale will be used for capital improvements.
The Florida Board of Education is headquartered in Tallahassee.
Issuer: Florida Board of Education
Issue: Series 2008B public education outlay bonds
| Amount: | $200 million
|
| Type: | Competitive
|
| Bookrunner: | Barclays Capital, Inc.
|
| Maturities: | 2010 to 2032 (serial), 2032 to 2038 (term)
|
| True interest cost: | 4.704%
|
| Call options: | Bonds due 2020 to 2022 are callable at 101 from June 1, 2018, bonds due 2023 and 2026 to 2032 are callable at par from June 1, 2019
|
| Pricing date: | Feb. 10
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
|
|
| Serial bonds
|
| Maturity | Amount | Coupon | Yield | Price |
|
| June 1, 2010 | $3.635 million | 2.750% | 1.200% | 101.903
|
| June 1, 2011 | $3.735 million | 2.750% | 1.580% | 102.565
|
| June 1, 2012 | $3.840 million | 3.000% | 1.730% | 103.985
|
| June 1, 2013 | $3.955 million | 3.000% | 1.900% | 104.460
|
| June 1, 2014 | $4.070 million | 5.000% | 2.180% | 113.893
|
| June 1, 2015 | $4.275 million | 4.000% | 2.360% | 109.463
|
| June 1, 2016 | $4.445 million | 4.000% | 2.540% | 109.598
|
| June 1, 2017 | $4.625 million | 4.000% | 2.770% | 109.004
|
| June 1, 2018 | $4.810 million | 4.000% | 3.010% | 107.931
|
| June 1, 2019 | $5.000 million | 4.000% | 3.270% | 106.305
|
| June 1, 2020 | $5.200 million | 5.000% | 3.500% | 112.477
|
| June 1, 2021 | $5.460 million | 5.000% | 3.780% | 110.143
|
| June 1, 2022 | $5.735 million | 5.000% | 3.960% | 108.673
|
| June 1, 2023 | $6.020 million | 5.000% | 4.150% | 107.027
|
| June 1, 2024 | $6.320 million | 4.375% | 4.500% | 98.625
|
| June 1, 2025 | $6.600 million | 4.600% | 4.600% | 100.000
|
| June 1, 2026 | $6.905 million | 5.000% | 4.560% | 103.651
|
| June 1, 2027 | $7.250 million | 5.000% | 4.670% | 102.654
|
| June 1, 2028 | $7.610 million | 5.000% | 4.740% | 102.083
|
| June 1, 2029 | $7.990 million | 5.000% | 4.810% | 101.514
|
| June 1, 2030 | $8.390 million | 5.000% | 4.870% | 101.031
|
| June 1, 2031 | $8.810 million | 5.000% | 4.920% | 100.630
|
| June 1, 2032 | $9.250 million | 5.000% | 4.970% | 100.230
|
|
|
| Term bonds
|
| Maturity | Amount | Coupon | Yield | Price |
|
| June 1, 2033 | $9.715 million | 5.000% | 5.030% | 99.566
|
| June 1, 2034 | $10.200 million | 5.000% | 5.030% | 99.566
|
| June 1, 2035 | $10.710 million | 5.000% | 5.120% | 98.182
|
| June 1, 2036 | $11.245 million | 5.000% | 5.120% | 98.182
|
| June 1, 2037 | $11.805 million | 5.000% | 5.120% | 98.182
|
| June 1, 2038 | $12.395 million | 5.000% | 5.120% | 98.182
|
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