By Sheri Kasprzak
New York, Oct. 1 - The Florida Governmental Utility Authority priced $123.905 million in series 2010 utility refunding revenue bonds on Thursday, according to a pricing sheet.
The offering included $2.76 million in series 2010A taxable bonds and $121.145 million in series 2010B taxable bonds.
The bonds (A2) were sold on a negotiated basis with Wells Fargo Securities LLC and RBC Capital Markets Corp. as the senior managers.
The 2010A bonds are due 2012 to 2013 with 2.428% and 2.746% coupons, respectively, both priced at par.
The 2010B bonds are due 2013 to 2020 with term bonds due 2025, 2030 and 2040. The serial coupons range from 2.746% to 5.022%, all priced at par. The 2025 bonds have a 5.72% coupon priced at 98.987. The 2030 bonds have a 6.348% coupon priced at par. The 2040 bonds have a 6.548% coupon priced at par.
Proceeds will be used to fund improvements to the state's utility system, as well as refund the authority's series 2009 Aloha Utility System revenue bonds, which were used to acquire a water and wastewater facility in Pasco County, Fla.
| Issuer: | Florida Governmental Utility Authority
|
| Issue: | Series 2010 utility refunding revenue bonds
|
| Amount: | $123.905 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and RBC Capital Markets Corp. (lead)
|
| Rating: | Moody's: A2
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 13
|
|
|
| Series 2010A
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.375 million | 2012 | Serial | 2.428% | 100
|
| $1.385 million | 2013 | Serial | 2.746% | 100
|
|
|
| Series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $380,000 | 2013 | Serial | 2.746% | 100
|
| $2.31 million | 2014 | Serial | 3.14% | 100
|
| $2.845 million | 2015 | Serial | 3.54% | 100
|
| $2.91 million | 2016 | Serial | 3.968% | 100
|
| $2.985 million | 2017 | Serial | 4.318% | 100
|
| $3.07 million | 2018 | Serial | 4.572% | 100
|
| $3.16 million | 2019 | Serial | 4.822% | 100
|
| $3.26 million | 2020 | Serial | 5.022% | 100
|
| $18.15 million | 2025 | Term | 5.72% | 98.987
|
| $21.955 million | 2030 | Term | 6.348% | 100
|
| $60.12 million | 2040 | Term | 6.548% | 100
|
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