Published on 6/22/2011 in the Prospect News Municipals Daily.
New Issue: Florida Municipal Power prices $59.18 million revenue bonds
By Sheri Kasprzak
New York, June 22 - The Florida Municipal Power Agency priced $59.175 million of series 2011 St. Lucie Project revenue bonds, according to a pricing sheet.
The offering included $34.87 million of series 2011A bonds and $24.305 million of series 2011B bonds.
The 2011A bonds are due 2011 to 2020 with 2% to 5% coupons. The 2011B bonds are due 2022 to 2026 with 4.375% to 5% coupons.
PNC Capital Markets LLC and Bank of America Merrill Lynch were the lead managers.
Proceeds will be used to finance capital improvements to the St. Lucie Unit No. 1 and No. 2 generating stations, as well as to purchase and retire the agency's series 2002 bonds.
| Issuer: | Florida Municipal Power Agency
|
| Issue: | Series 2011 St. Lucie Project revenue bonds
|
| Amount: | $59.175 million
|
| Type: | Negotiated
|
| Underwriters: | PNC Capital Markets LLC and Bank of America Merrill Lynch (lead)
|
| Pricing date: | June 22
|
| Settlement date: | June 28
|
|
|
| $34.87 million series 2011A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $170,000 | 2011 | Serial | 2% | 100.308
|
| $250,000 | 2012 | Serial | 2% | 100.806
|
| $600,000 | 2012 | Serial | 3% | 102.455
|
| $650,000 | 2013 | Serial | 2.25% | 101.61
|
| $475,000 | 2013 | Serial | 3% | 103.498
|
| $250,000 | 2014 | Serial | 2.125% | 101.085
|
| $250,000 | 2014 | Serial | 3% | 103.876
|
| $565,000 | 2015 | Serial | 2.125% | 99.872
|
| $500,000 | 2015 | Serial | 4% | 106.605
|
| $1.975 million | 2015 | Serial | 4% | 107.233
|
| $1.21 million | 2016 | Serial | 4% | 107.058
|
| $500,000 | 2017 | Serial | 4% | 107.477
|
| $500,000 | 2017 | Serial | 4% | 106.477
|
| $2.97 million | 2017 | Serial | 4% | 106.604
|
| $660,000 | 2018 | Serial | 3% | 99.27
|
| $500,000 | 2018 | Serial | 3.125% | 99.514
|
| $500,000 | 2019 | Serial | 3.375% | 99.422
|
| $2.415 million | 2019 | Serial | 5% | 110.37
|
| $19.93 million | 2020 | Serial | 5% | 109.613
|
|
|
| $24.305 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.41 million | 2022 | Serial | 5% | 107.122
|
| $4.63 million | 2023 | Serial | 5% | 105.75
|
| $4.86 million | 2024 | Serial | 4.375% | 98.755
|
| $5.075 million | 2025 | Serial | 5% | 103.234
|
| $5.33 million | 2026 | Serial | 5% | 102.248
|
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