Published on 7/14/2016 in the Prospect News Municipals Daily.
New Issue: Florida Board of Education prices $218.89 million of public outlay bonds
By Sheri Kasprzak
New York, July 14 – The Florida Board of Education came to market with $218,885,000 of series 2016D public education capital outlay refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AAA) were sold competitively with Morgan Stanley & Co. LLC winning the bid.
The bonds are due 2018 to 2037 with 2.625% to 5% coupons and yields from 0.62% to 2.69%.
Proceeds will be used to refund a portion of the board’s series 2007C PECO bonds.
| Issuer: | Florida Board of Education
|
| Issue: | Series 2016D public education capital outlay refunding bonds
|
| Amount: | $218,885,000
|
| Type: | Competitive
|
| Underwriter: | Morgan Stanley & Co. LLC (winner)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AAA
|
| Fitch: AAA
|
| Pricing date: | July 7
|
| Settlement date: | Aug. 4
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,845,000 | 2018 | Serial | 5% | 107.935 | 0.62%
|
| $7.19 million | 2019 | Serial | 5% | 112.096 | 0.67%
|
| $7.55 million | 2020 | Serial | 5% | 115.871 | 0.78%
|
| $7,925,000 | 2021 | Serial | 5% | 119.158 | 0.93%
|
| $8,325,000 | 2022 | Serial | 5% | 122.071 | 1.08%
|
| $8.74 million | 2023 | Serial | 5% | 125.125 | 1.16%
|
| $9.18 million | 2024 | Serial | 5% | 127.784 | 1.26%
|
| $9,635,000 | 2025 | Serial | 5% | 130.268 | 1.35%
|
| $10.12 million | 2026 | Serial | 4% | 123.373 | 1.44%
|
| $10,525,000 | 2027 | Serial | 5% | 131.326 | 1.55%
|
| $11,045,000 | 2028 | Serial | 5% | 130.795 | 1.60%
|
| $11,595,000 | 2029 | Serial | 4% | 120.027 | 1.77%
|
| $12.06 million | 2030 | Serial | 4% | 119.133 | 1.86%
|
| $12,545,000 | 2031 | Serial | 4% | 118.541 | 1.92%
|
| $13.05 million | 2032 | Serial | 4% | 117.757 | 2.00%
|
| $13.57 million | 2033 | Serial | 4% | 117.27 | 2.05%
|
| $14,115,000 | 2034 | Serial | 3% | 104.152 | 2.52%
|
| $14,535,000 | 2035 | Serial | 3% | 103.798 | 2.56%
|
| $14.97 million | 2036 | Serial | 2.625% | 99 | 2.69%
|
| $15,365,000 | 2037 | Serial | 3% | 103.183 | 2.63%
|
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