Published on 1/19/2016 in the Prospect News Municipals Daily.
New Issue: Florida Department of Transportation sells $173.39 million bonds
By Sheri Kasprzak
New York, Jan. 19 – The Florida Department of Transportation priced $173,385,000 of series 2016A turnpike revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3//AA) were sold competitively, but the issuer did not immediately respond to requests for the winning bidder Tuesday.
The bonds are due 2017 to 2026 and 2030 to 2036 with 3% to 5% coupons and yields from 0.63% to 3.31%.
Proceeds will be used to refund the department’s series 2006A bonds.
| Issuer: | Florida Department of Transportation
|
| Issue: | Series 2016A turnpike revenue refunding bonds
|
| Amount: | $173,385,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA
|
| Pricing date: | Jan. 19
|
| Settlement date: | Feb. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.55 million | 2017 | Serial | 5% | 105.888 | 0.63%
|
| $6,875,000 | 2018 | Serial | 5% | 109.656 | 0.85%
|
| $7.22 million | 2019 | Serial | 5% | 113.13 | 1.01%
|
| $7.58 million | 2020 | Serial | 5% | 116.262 | 1.16%
|
| $7,965,000 | 2021 | Serial | 5% | 119.022 | 1.31%
|
| $8.36 million | 2022 | Serial | 5% | 121.342 | 1.47%
|
| $8,775,000 | 2023 | Serial | 5% | 123.112 | 1.65%
|
| $9,215,000 | 2024 | Serial | 5% | 124.543 | 1.82%
|
| $9.68 million | 2025 | Serial | 5% | 125.673 | 1.98%
|
| $10.16 million | 2026 | Serial | 5% | 124.321 | 2.12%
|
| $11.64 million | 2030 | Serial | 4% | 110.073 | 2.77%
|
| $12.11 million | 2031 | Serial | 4% | 109.382 | 2.85%
|
| $12.59 million | 2032 | Serial | 3% | 98.722 | 3.10%
|
| $12.97 million | 2033 | Serial | 3% | 98 | 3.15%
|
| $13,355,000 | 2034 | Serial | 4% | 108.016 | 3.01%
|
| $13,895,000 | 2035 | Serial | 4% | 107.594 | 3.06%
|
| $14,445,000 | 2036 | Serial | 3.25% | 99.113 | 3.31%
|
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