By Sheri Kasprzak
New York, March 17 - The City of Marco Island, Fla., sold on Wednesday $56.525 million of series 2010 utility system revenue and revenue refunding bonds, said a pricing sheet.
The bonds (A2/A/A-) were sold through Bank of America Merrill Lynch and RBC Capital Markets Inc.
The deal included $49.16 million of series 2010A tax-exempt utility system improvement and refunding revenue bonds and $7.365 million of series 2010B utility system improvement refunding revenue bonds.
The 2010A bonds are due 2011 to 2025, with term bonds due 2029, 2034 and 2040. The coupons range from 2.5% to 5%. The 2010B bonds are due 2011 to 2020, with a term bond due 2033. The coupons range from 2.055% to 5.35%, and the 2033 bonds have a 6.794%, priced at par.
Proceeds will be used to refund existing utility system debt and fund capital improvements to the city's utility system.
| Issuer: | City of Marco Island
|
| Issue: | Series 2010 utility system revenue and revenue refunding bonds
|
| Amount: | $56.525 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and RBC Capital Markets Inc. (lead)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | March 17
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.5% | 102.001
|
| 2012 | Serial | 2.5% | 102.32
|
| 2013 | Serial | 5% | 110.484
|
| 2014 | Serial | 3% | 103.106
|
| 2015 | Serial | 5% | 111.845
|
| 2016 | Serial | 3% | 99.357
|
| 2017 | Serial | 3.25% | 98.818
|
| 2018 | Serial | 3. 5% | 98.624
|
| 2019 | Serial | 5% | 108.745
|
| 2020 | Serial | 4% | 99.66
|
| 2021 | Serial | 4% | 98.459
|
| 2022 | Serial | 4% | 97.5
|
| 2023 | Serial | 4.125% | 97.72
|
| 2024 | Serial | 4.25% | 97.879
|
| 2025 | Serial | 4.375% | 98.177
|
| 2029 | Term | 4.75% | 98.5
|
| 2034 | Term | 5% | 99.58
|
| 2040 | Term | 5% | 98.461
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2.055% | 100
|
| 2012 | Serial | 2.655% | 100
|
| 2013 | Serial | 3.269% | 100
|
| 2014 | Serial | 3.769% | 100
|
| 2015 | Serial | 4.146% | 100
|
| 2016 | Serial | 4.583% | 100
|
| 2017 | Serial | 4.833% | 100
|
| 2018 | Serial | 5.15% | 100
|
| 2019 | Serial | 5.25% | 100
|
| 2020 | Serial | 5.35% | 100
|
| 2033 | Term | 6.794% | 100
|
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