By Sheri Kasprzak
New York, Nov. 17 – The Florida Development Finance Corp. sold $53,175,000 of series 2014 educational facilities revenue bonds for the Renaissance Charter School Inc., according to a pricing sheet.
The deal included $45,015,000 of series 2014A bonds and $8.16 million of series 2014B taxable bonds.
The 2014A bonds are due in 2029, 2034 and 2044. The 2029 bonds have a 5.75% coupon priced at 99.018 to yield 5.85%, and the 2034 bonds have a 6% coupon priced at 98.969 to yield 6.09%. The 2044 bonds have a 6.125% coupon priced at 97.133 to yield 6.34%.
The 2014B bonds are due June 15, 2019 and June 15, 2024. The 2019 bonds have a 6.75% coupon priced at par, and the 2024 bonds have a 7.875% coupon priced at par.
The bonds were sold through sole underwriter BB&T Capital Markets Inc.
Proceeds will be used to finance the construction, acquisition and renovation of charter schools in Duval and Palm Beach counties in Florida.
| Issuer: | Florida Development Finance Corp./Renaissance Charter School Inc.
|
| Issue: | Series 2014 educational facilities revenue bonds
|
| Amount: | $53,175,000
|
| Type: | Negotiated
|
| Underwriter: | BB&T Capital Markets Inc. (lead)
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 30
|
|
|
| $45,015,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6.25 million | 2029 | Term | 5.75% | 99.018 | 5.85%
|
| $8.34 million | 2034 | Term | 6% | 98.969 | 6.09%
|
| $30,425,000 | 2044 | Term | 6.125% | 97.133 | 6.34%
|
|
|
| $8.16 million series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,985,000 | June 15, 2019 | Term | 6.75% | 100 | 6.75%
|
| $5,175,000 | June 15, 2024 | Term | 7.875% | 100 | 7.875%
|
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