By Sheri Kasprzak
New York, May 12 - The Florida Ports Financing Commission priced $267.945 million of series 2011 state transportation trust fund refunding revenue bonds in two offerings on Thursday, according to pricing sheets.
The commission sold $152.32 million of series 2011 state transportation trust fund refunding revenue bonds to refund its series 1996 bonds and $115.625 million of series 2011 state transportation trust fund refunding revenue bonds to refund its series 1999 bonds.
The 1996 refunding bonds include $10.65 million of series 2011A non-AMT bonds and $141.67 million of series 2011B AMT bonds.
The 1999 refunding bonds include $66.3 million of series 2011A non-AMT bonds and $49.325 million of series 2011B AMT bonds.
The bonds (Aa3/AA+/AA) were sold through Citigroup Global Markets Inc. with Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Siebert Brandford Shank & Co. LLC as the co-managers.
The 2011A series 1996 refunding bonds are due 2013 to 2027 with coupons from 2% to 4.625%. The 2011B 1996 refunding bonds are due 2012 to 2023 with a 2027 term bond. The serial coupons range from 2% to 5%. The 2027 bonds have a 5.125% coupon priced at 98.02.
The 2011A series 1999 refunding bonds are due 2013 to 2029 with 3% to 5% coupons. The 2011B series 1999 refunding bonds are due 2011 to 2023 with a term bond due in 2029. The serial coupons range from 2% to 5%. The 2029 bonds have a 5.375% coupon priced at 98.445.
| Issuer: | Florida Ports Financing Commission
|
| Issue: | Series 2011 state transportation trust fund refunding revenue bonds
|
| Amount: | $267.945 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Bank of America Merrill Lynch, Morgan Stanley & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | May 12
|
| Settlement date: | May 26
|
|
|
| $152.32 million series 2011A-B series 1996 refunding bonds
|
| $10.65 million series 2011A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $250,000 | 2013 | Serial | 2% | 101.147
|
| $625,000 | 2014 | Serial | 3% | 103.474
|
| $640,000 | 2015 | Serial | 3% | 103.134
|
| $660,000 | 2016 | Serial | 3% | 102.579
|
| $680,000 | 2017 | Serial | 3% | 100.933
|
| $700,000 | 2018 | Serial | 3% | 98.938
|
| $725,000 | 2019 | Serial | 3.375% | 99.409
|
| $750,000 | 2020 | Serial | 3.5% | 98.553
|
| $775,000 | 2021 | Serial | 3.75% | 98.847
|
| $805,000 | 2022 | Serial | 4% | 99.558
|
| $835,000 | 2023 | Serial | 4% | 97.942
|
| $870,000 | 2024 | Serial | 4.25% | 98.622
|
| $905,000 | 2025 | Serial | 4.375% | 98.302
|
| $950,000 | 2026 | Serial | 4.5% | 98.285
|
| $480,000 | 2027 | Serial | 4.625% | 98.498
|
|
|
| $141.67 million series 2011B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $430,000 | 2012 | Serial | 2% | 100.702
|
| $6.86 million | 2013 | Serial | 5% | 105.831
|
| $7.21 million | 2014 | Serial | 5% | 107.636
|
| $7.57 million | 2015 | Serial | 5% | 108.574
|
| $7.945 million | 2016 | Serial | 5% | 109.245
|
| $8.345 million | 2017 | Serial | 5% | 108.749
|
| $8.765 million | 2018 | Serial | 5% | 107.518
|
| $9.2 million | 2019 | Serial | 5% | 106.375
|
| $9.66 million | 2020 | Serial | 5% | 105.26
|
| $10.145 million | 2021 | Serial | 5% | 104.076
|
| $10.65 million | 2022 | Serial | 5% | 102.373
|
| $11.185 million | 2023 | Serial | 5% | 101.019
|
| $43.705 million | 2027 | Term | 5.125% | 98.02
|
|
|
| $115.625 million series 2011A-B series 1999 refunding bonds
|
| $66.3 million series 2011A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.185 million | 2013 | Serial | 3% | 103.469
|
| $2.705 million | 2014 | Serial | 3% | 103.615
|
| $2.815 million | 2015 | Serial | 5% | 111.281
|
| $2.96 million | 2016 | Serial | 5% | 112.277
|
| $3.12 million | 2017 | Serial | 5% | 112.09
|
| $3.27 million | 2018 | Serial | 5% | 111.352
|
| $3.445 million | 2019 | Serial | 5% | 110.543
|
| $3.62 million | 2020 | Serial | 5% | 109.692
|
| $3.805 million | 2021 | Serial | 5% | 109.287
|
| $4 million | 2022 | Serial | 5% | 107.697
|
| $4.21 million | 2023 | Serial | 5% | 106.393
|
| $4.425 million | 2024 | Serial | 5% | 105.193
|
| $4.645 million | 2025 | Serial | 5% | 103.926
|
| $4.885 million | 2026 | Serial | 5% | 103.174
|
| $5.135 million | 2027 | Serial | 5% | 102.347
|
| $5.4 million | 2028 | Serial | 5% | 101.528
|
| $5.675 million | 2029 | Serial | 5% | 100.716
|
|
|
| $49.325 million series 2011B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $620,000 | 2011 | Serial | 2% | 100.344
|
| $1.705 million | 2012 | Serial | 5% | 104.511
|
| $1.79 million | 2013 | Serial | 5% | 106.629
|
| $1.885 million | 2014 | Serial | 5% | 107.943
|
| $1.98 million | 2015 | Serial | 5% | 108.6
|
| $2.08 million | 2016 | Serial | 5% | 109.034
|
| $2.185 million | 2017 | Serial | 5% | 108.289
|
| $2.3 million | 2018 | Serial | 5% | 107.161
|
| $2.415 million | 2019 | Serial | 5% | 105.867
|
| $2.535 million | 2020 | Serial | 5% | 104.786
|
| $2.665 million | 2021 | Serial | 5% | 103.926
|
| $2.805 million | 2022 | Serial | 5% | 102.183
|
| $2.945 million | 2023 | Serial | 5% | 100.797
|
| $21.415 million | 2029 | Term | 5.375% | 98.445
|
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