Published on 10/6/2015 in the Prospect News Municipals Daily.
New Issue: Florida Department of Transportation prices $195.9 million revenue refunding bonds
By Cristal Cody
Tupelo, Miss., Oct. 6 – The State of Florida Department of Transportation sold $195,875,000 of turnpike revenue refunding bonds, according to a market source and a pricing sheet.
The series 2015B bonds (Aa3//AA-) have serial maturities from 2017 through 2036 and priced with coupons from 5% on the short end to 3% and 4% on the longer end of the offering.
Yields ranged from 0.58% to 3.56%.
BofA Merrill Lynch was the winning bidder in the competitive offering.
Proceeds from the deal will be used to refund all or a portion of the outstanding series 2007A Department of Transportation turnpike revenue bonds.
| Issuer: | State of Florida Department of Transportation
|
| Issue: | Turnpike revenue refunding bonds
|
| Amount: | $195,875,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | Oct. 5
|
| Settlement date: | Nov. 5
|
|
|
| Series 2015B bonds
|
| Amount | Maturity | Type | Price | Coupon | Yield
|
| $6.05 million | 2017 | Serial | 107.271 | 5% | 0.58%
|
| $6,345,000 | 2018 | Serial | 110.956 | 5% | 0.82%
|
| $6,665,000 | 2019 | Serial | 113.973 | 5% | 1.09%
|
| $7 million | 2020 | Serial | 116.168 | 5% | 1.4%
|
| $7.35 million | 2021 | Serial | 118.193 | 5% | 1.62%
|
| $7,715,000 | 2022 | Serial | 119.984 | 5% | 1.8%
|
| $8.1 million | 2023 | Serial | 121.115 | 5% | 2.01%
|
| $8.51 million | 2024 | Serial | 122.043 | 5% | 2.19%
|
| $8.93 million | 2025 | Serial | 123.45 | 5% | 2.28%
|
| $9.38 million | 2026 | Serial | 121.90 | 5% | 2.44%
|
| $9,845,000 | 2027 | Serial | 120.848 | 5% | 2.55%
|
| $10.34 million | 2028 | Serial | 119.901 | 5% | 2.65%
|
| $10.86 million | 2029 | Serial | 98.891 | 3% | 3.1%
|
| $11.18 million | 2030 | Serial | 112.49 | 4.5% | 3.00%
|
| $11.69 million | 2031 | Serial | 114.572 | 4.75% | 3.00%
|
| $12.24 million | 2032 | Serial | 98.602 | 3.25% | 3.36%
|
| $12.64 million | 2033 | Serial | 105.236 | 4% | 3.36%
|
| $13.145 million | 2034 | Serial | 104.396 | 4% | 3.46%
|
| $13.67 million | 2035 | Serial | 103.979 | 4% | 3.51%
|
| $14.22 million | 2036 | Serial | 103.564 | 4% | 3.56%
|
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