By Sheri Kasprzak
New York, May 13 - The Florida Hurricane Catastrophe Fund sold $675.92 million in series 2010A revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA-/AA) were sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager.
The bonds are due 2015 to 2016 with 3.5% to 5% coupons.
Proceeds from the sale will be used to pay claims to participating insurance companies for losses resulting from a string of hurricanes that hammered the Southeast in 2005.
The fund, based in Tallahassee, Fla., is a tax-exempt state trust fund established in 1993 to reimburse insurers for catastrophic hurricane losses.
| Issuer: | Florida Hurricane Catastrophe Fund
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $675.92 million
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities Inc. (lead)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | May 13
|
|
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 3.5% | 99.535
|
| 2015 | Serial | 4% | 101.845
|
| 2015 | Serial | 5% | 106.466
|
| 2016 | Serial | 3.75% | 99.458
|
| 2016 | Serial | 5% | 106.195
|
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