New Issue: Florida Board of Education brings $116.72 million PECO refunding bonds

By Sheri Kasprzak

New York, Feb. 4 – The Florida Board of Education offered $116.72 million of public education capital outlay refunding bonds, according to a pricing sheet.

The bonds (Aa1/AAA/AAA) were sold competitively with Wells Fargo Bank, NA winning the bid at a 1.74% true interest cost.

The bonds are due 2017 to 2028 with 3% to 5% coupons and 0.45% to 1.94% yields.

Proceeds will be used to refund a portion of series 2007A public education capital outlay refunding bonds.

Issuer:	Florida Board of Education
Issue:	Series 2016 public education outlay refunding bonds
Amount:	$116.72 million
Type:	Competitive
Underwriter:	Wells Fargo Bank, NA
TIC:	1.74%
Ratings:	Moody’s: Aa1
	Standard & Poor’s: AAA
	Fitch: AAA
Pricing date:	Feb. 3
Settlement date:	March 8
Amount	Maturity	Type	Coupon	Price	Yield
$7,385,000	2017	Serial	5%	105.576	0.45%
$7.75 million	2018	Serial	5%	109.592	0.66%
$8,135,000	2019	Serial	5%	113.504	0.76%
$8.54 million	2020	Serial	5%	117.162	0.86%
$8,945,000	2021	Serial	5%	120.503	0.97%
$9,375,000	2022	Serial	5%	123.082	1.15%
$9.82 million	2023	Serial	5%	125.453	1.30%
$10.28 million	2024	Serial	5%	127.091	1.49%
$10,835,000	2025	Serial	5%	128.571	1.65%
$11.42 million	2026	Serial	3%	110.52	1.76%
$11.8 million	2027	Serial	5%	126.613	1.85%
$12,435,000	2028	Serial	5%	125.744	1.94%

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