Published on 12/6/2011 in the Prospect News Municipals Daily.
New Issue: Fort Myers, Fla., prices $68.61 million of utility system revenue and refunding bonds
By Sheri Kasprzak
New York, Dec. 6 - The City of Fort Myers, Fla., priced Tuesday $68.605 million of series 2011 utility system revenue and refunding bonds, said a pricing sheet.
The bonds (Aa3/A/A+) were sold through senior managers Raymond James & Associates Inc. and Estrada Hinojosa & Co. Inc.
The bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5%. The 2036 bonds have a 4.5% coupon priced at 96.659 and the 2041 bonds have a 4.5% coupon priced at 97.512.
Proceeds from the deal will be used to acquire, construct and equip various capital improvements to the city's utility system in accordance with the city's five-year capital improvement plan.
| Issuer: | City of Fort Myers, Fla.
|
| Issue: | Series 2011 utility system revenue and refunding bonds
|
| Amount: | $68.605 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James & Associates Inc. and Estrada Hinojosa & Co. Inc.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's A
|
| Fitch: A+
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $955,000 | 2012 | Serial | 2% | 100.901
|
| $1.315 million | 2013 | Serial | 2% | 101.665
|
| $1.345 million | 2014 | Serial | 2.5% | 103.017
|
| $1.375 million | 2015 | Serial | 3% | 104.745
|
| $3.18 million | 2016 | Serial | 3% | 105.21
|
| $3.265 million | 2017 | Serial | 3% | 104.797
|
| $2.465 million | 2018 | Serial | 3% | 103.782
|
| $900,000 | 2018 | Serial | 5% | 116.189
|
| $3.27 million | 2019 | Serial | 3% | 102.507
|
| $250,000 | 2019 | Serial | 5% | 116.449
|
| $3.65 million | 2020 | Serial | 3% | 100.303
|
| $600,000 | 2020 | Serial | 5% | 115.628
|
| $4.7 million | 2021 | Serial | 3% | 98.911
|
| $250,000 | 2021 | Serial | 5% | 115.611
|
| $5.2 million | 2022 | Serial | 5% | 113.629
|
| $5.46 million | 2023 | Serial | 5% | 112.125
|
| $5.74 million | 2024 | Serial | 5% | 110.645
|
| $2.81 million | 2025 | Serial | 5% | 109.358
|
| $980,000 | 2026 | Serial | 4% | 99.114
|
| $1.02 million | 2027 | Serial | 4% | 98.272
|
| $1.06 million | 2028 | Serial | 4.125% | 98.154
|
| $1.105 million | 2029 | Serial | 4.25% | 98.644
|
| $1.15 million | 2030 | Serial | 4.25% | 97.967
|
| $1.2 million | 2031 | Serial | 4.25% | 97.512
|
| $6.835 million | 2036 | Term | 4.5% | 96.659
|
| $8.525 million | 2041 | Term | 4.5% | 95.572
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
