Published on 1/10/2012 in the Prospect News Municipals Daily.
New Issue: Florida Department of Transportation sells $243.79 million bonds
By Sheri Kasprzak
New York, Jan. 10 - The Florida Department of Transportation priced $243,785,000 of series 2012 bridge construction and right of way acquisition bonds, according to a pricing sheet.
The bonds (Aa1//AAA) were sold competitively with Bank of America Merrill Lynch winning the bid.
The bonds are due 2012 to 2037 with a term bond due in 2041. The serial coupons range from 2.5% to 5%. The 2041 bonds have a 4% coupon priced at par.
Proceeds will be used to finance the cost of acquiring real property or the rights to real property for state roads, as well as to finance the cost of bridge construction. The bonds will also be used to refinance outstanding right of way bonds.
| Issuer: | Florida Department of Transportation
|
| Issue: | Series 2012 bridge construction and right of way acquisition bonds
|
| Amount: | $243,785,000
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| Ratings: | Moody's: Aa1
|
| Fitch: AAA
|
| Pricing date: | Jan. 10
|
| Settlement date: | Feb. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $730,000 | 2012 | Serial | 2.5% | 100.95
|
| $2,265,000 | 2013 | Serial | 3% | 103.517
|
| $2,335,000 | 2014 | Serial | 4% | 108.135
|
| $2,425,000 | 2015 | Serial | 4% | 110.754
|
| $2.53 million | 2016 | Serial | 5% | 117.228
|
| $2.65 million | 2017 | Serial | 5% | 120.383
|
| $2.78 million | 2018 | Serial | 5% | 122.904
|
| $2.92 million | 2019 | Serial | 5% | 124.469
|
| $3,065,000 | 2020 | Serial | 4% | 117.959
|
| $3,195,000 | 2021 | Serial | 4% | 117.833
|
| $3.32 million | 2022 | Serial | 5% | 124.652
|
| $17.15 million | 2023 | Serial | 5% | 123.02
|
| $15.16 million | 2024 | Serial | 5% | 121.413
|
| $15,915,000 | 2025 | Serial | 5% | 120.016
|
| $16.71 million | 2026 | Serial | 5% | 118.638
|
| $17.55 million | 2027 | Serial | 3% | 97.699
|
| $18.08 million | 2028 | Serial | 4% | 105.705
|
| $18,805,000 | 2029 | Serial | 4% | 104.878
|
| $19,555,000 | 2030 | Serial | 3.25% | 97
|
| $20,185,000 | 2031 | Serial | 4% | 103.248
|
| $12,545,000 | 2032 | Serial | 4% | 102.443
|
| $4.15 million | 2033 | Serial | 4% | 102.044
|
| $4,315,000 | 2034 | Serial | 4% | 101.33
|
| $4.49 million | 2035 | Serial | 4% | 100.857
|
| $4,665,000 | 2036 | Serial | 4% | 100.543
|
| $4,855,000 | 2037 | Serial | 4% | 100.387
|
| $21.44 million | 2041 | Term | 4% | 100
|
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