By Sheri Kasprzak
New York, July 21 - The City of Miami brought $103.63 million of series 2010 special obligation parking revenue bonds, said a pricing sheet.
The sale included $86.69 million of series 2010A tax-exempt bonds and $16.94 million of series 2010B taxable bonds.
The 2010A bonds are due 2030, 2035 and 2039. The 2030 bonds have a 5% coupon, the 2035 bonds have a 5.25% coupon and the 2039 bonds have a 5.25% coupon. The 2010B bonds are due 2020 and 2027. The 2020s have a 5.935% coupon and the 2027s have a 7.443% coupon.
Bank of America Merrill Lynch was the lead manager. The co-managers were RBC Capital Markets Corp., Morgan Keegan & Co. Inc., Goldman, Sachs & Co. and Raymond James & Associates Inc.
Proceeds will be used to construct a parking structure at the Florida Marlins Stadium.
Issuer: | City of Miami
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Issue: | Series 2010 special obligation parking revenue bonds
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Amount: | $103.63 million
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Type: | Negotiated
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Underwriters: | Bank of America Merrill Lynch (lead); RBC Capital Markets Corp., Morgan Keegan & Co. Inc., Goldman, Sachs & Co. and Raymond James & Associates Inc. (co-managers)
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Ratings: | Moody's: Aa3
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| Standard & Poor's: AAA
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Pricing date: | July 21
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Settlement date: | July 29
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Maturity | Type | Coupon
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2030 | Term | 5%
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2035 | Term | 5.25%
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2039 | Term | 5.25%
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|
Maturity | Type | Coupon
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2020 | Term | 5.935%
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2027 | Term | 7.443%
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