By Sheri Kasprzak
New York, Nov. 2 - The Florida Board of Education priced $173.91 million of series 2010F lottery revenue refunding bonds on Tuesday, according to a pricing sheet.
The bonds (A1/AAA/A+) were sold competitively with Bank of America Merrill Lynch winning the bid.
The bonds are due 2013 to 2022 with 4% to 5% coupons.
Proceeds will be used to refund existing debt for a $15 million net present value savings.
| Issuer: | Florida Board of Education
|
| Issue: | Series 2010F lottery revenue refunding bonds
|
| Amount: | $173.91 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AAA
|
| Fitch: A+
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.11 million | 2013 | Serial | 5% | 109.989
|
| $15.79 million | 2014 | Serial | 5% | 112.5
|
| $16.495 million | 2015 | Serial | 5% | 114.318
|
| $17.245 million | 2016 | Serial | 5% | 114.972
|
| $18.015 million | 2017 | Serial | 5% | 115.396
|
| $18.825 million | 2018 | Serial | 5% | 115.269
|
| $19.67 million | 2019 | Serial | 5% | 114.903
|
| $20.56 million | 2020 | Serial | 5% | 114.692
|
| $21.48 million | 2021 | Serial | 5% | 113.102
|
| $10.72 million | 2022 | Serial | 4% | 104.046
|
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