Published on 4/25/2012 in the Prospect News Municipals Daily.
New Issue: Florida Department of Transportation sells $267.4 million bonds
By Sheri Kasprzak
New York, April 25 - The Florida Department of Transportation sold $267.39 million of series 2012 right-of-way acquisition and bridge construction refunding bonds, according to a pricing sheet.
The bonds (Aa1/AAA/AAA) were sold competitively with Citigroup Global Markets Inc. winning the bid.
The bonds are due 2013 to 2031 with a term bond due in 2033. The serial coupons range from 2% to 5%. The 2033 bonds have a 4% coupon priced at 105.878.
Proceeds will be used to refund existing bonds, which were initially issued to purchase rights-of-way and make improvements to bridges.
| Issuer: | Florida Department of Transportation
|
| Issue: | Series 2012 right-of-way acquisition and bridge construction refunding bonds
|
| Amount: | $267.39 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | April 25
|
| Settlement date: | May 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.44 million | 2013 | Serial | 2% | 101.903
|
| $8,775,000 | 2014 | Serial | 3% | 105.488
|
| $9.05 million | 2015 | Serial | 4% | 110.5
|
| $9,405,000 | 2016 | Serial | 5% | 116.819
|
| $9,885,000 | 2017 | Serial | 5% | 119.591
|
| $10.38 million | 2018 | Serial | 5% | 121.902
|
| $10,895,000 | 2019 | Serial | 5% | 123.633
|
| $11.44 million | 2020 | Serial | 5% | 124.848
|
| $12.01 million | 2021 | Serial | 5% | 125.468
|
| $12.61 million | 2022 | Serial | 5% | 126.318
|
| $13,255,000 | 2023 | Serial | 5% | 126.585
|
| $13,185,000 | 2024 | Serial | 5% | 126.962
|
| $13.84 million | 2025 | Serial | 5% | 127.046
|
| $14.53 million | 2026 | Serial | 5% | 126.989
|
| $15.26 million | 2027 | Serial | 3% | 98.204
|
| $15.72 million | 2028 | Serial | 4% | 108.825
|
| $16,345,000 | 2029 | Serial | 3.25% | 98.062
|
| $16.88 million | 2030 | Serial | 4% | 107.502
|
| $17,555,000 | 2031 | Serial | 4% | 106.924
|
| $34.93 million | 2033 | Term | 4% | 105.878
|
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