By Sheri Kasprzak
New York, May 22 - The city of Miami priced $51.055 million in series 2009 ad valorem tax bonds on Thursday, according to a pricing sheet released by Diana Gomez, the city's director of finance.
The bonds (A3/A/A-) were sold on a negotiated basis with Merrill Lynch & Co. Inc. as the lead manager. The co-managers included J.P. Morgan Securities Inc., SunTrust Capital Markets Inc., Raymond James & Associates Inc. and Banc of America Securities LLC.
The bonds are due 2011 to 2027 with coupons from 3% to 5.25% and yields from 2.45% to 5.38%.
Proceeds will be used to train and equip police, parks and utility officials.
| Issuer: | Miami
|
| Issue: | Series 2009 ad valorem tax bonds
|
| Amount: | $51.055 million
|
| Type: | Negotiated
|
| Underwriters: | Merrill Lynch & Co. Inc. (lead); J.P. Morgan Securities Inc., SunTrust Capital Markets Inc., Raymond James & Associates Inc. and Banc of America Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | May 21
|
| Settlement date: | May 29
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2011 | Serial | 3% | 2.45%
|
| 2012 | Serial | 5% | 2.92%
|
| 2013 | Serial | 3% | 3.23%
|
| 2013 | Serial | 5% | 3.23%
|
| 2014 | Serial | 3.25% | 3.62%
|
| 2014 | Serial | 5% | 3.62%
|
| 2015 | Serial | 4% | 3.84%
|
| 2015 | Serial | 5% | 3.84%
|
| 2016 | Serial | 5% | 4.01%
|
| 2017 | Serial | 4% | 4.21%
|
| 2017 | Serial | 5% | 4.21%
|
| 2018 | Serial | 5% | 4.40%
|
| 2019 | Serial | 5% | 4.56%
|
| 2020 | Serial | 4.5% | 4.71%
|
| 2021 | Serial | 4.5% | 4.80%
|
| 2022 | Serial | 4.75% | 4.94%
|
| 2023 | Serial | 5% | 5.06%
|
| 2024 | Serial | 5% | 5.14%
|
| 2025 | Serial | 5% | 5.22%
|
| 2026 | Serial | 5.125% | 5.31%
|
| 2027 | Serial | 5.25% | 5.38%
|
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