By Sheri Kasprzak
New York, June 27 - The Florida Development Finance Corp. priced $89.235 million of series 2011 educational facilities revenue bonds for the Renaissance Charter Schools Inc., said a term sheet.
The offering included $86.055 million of series 2011A tax-exempt bonds and $3.18 million of series 2011B taxable bonds.
The 2011A bonds are due 2021, 2026, 2033 and 2041. The 2021 bonds have a 6.5% coupon priced at 99.095, and the 2026 bonds have a 7% coupon priced at 97.735. The 2033 bonds have a 7.5% coupon priced at 98.934, and the 2041 bonds have a 7.625% coupon priced at 98.546.
The 2011B bonds are due Dec. 15, 2018 and have an 8% coupon priced at par.
B.C. Ziegler & Co. was the senior manager for the bonds (//BB+).
Proceeds will be used to finance and refinance the construction, acquisition and equipment of charter schools in Broward, Duval and Miami-Dade counties.
| Issuer: | Florida Development Finance Corp./Renaissance Charter Schools Inc.
|
| Issue: | Series 2011 educational facilities revenue bonds
|
| Amount: | $89.235 million
|
| Type: | Negotiated
|
| Underwriter: | B.C. Ziegler & Co. (lead)
|
| Rating: | Fitch: BB+
|
| Pricing date: | June 23
|
| Settlement date: | June 30
|
|
|
| $86.055 million series 2011A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.79 million | 2021 | Term | 6.5% | 99.095
|
| $9.61 million | 2026 | Term | 7% | 97.735
|
| $20.775 million | 2033 | Term | 7.5% | 98.934
|
| $48.88 million | 2041 | Term | 7.625% | 98.546
|
|
|
| $3.18 million series 2011B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 15, 2018 | Term | 8% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
