Published on 9/17/2009 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., sells $329.99 million BABs, revenue bonds
By Sheri Kasprzak
New York, Sept. 17 - Miami-Dade County in Florida priced $329.985 million in series 2009 transit system sales surtax revenue bonds (A1/AA/A+) on Thursday, according to a term sheet.
The offering included $77.855 million in series 2009A tax-exempt bonds and $252.13 million in series 2009B Build America Bonds.
The 2009A bonds are due 2012 to 2021 with 4% to 5% coupons. The 2009B bonds are due 2029 and 2039. The 2029 bonds have a 6.71% coupon, priced at par. The 2039 bonds have a 6.91% coupon, also priced at par.
Wells Fargo Securities Inc. was the senior manager. The co-managers included Ramirez & Co. Inc., Rice Financial Products Co., Citigroup Global Markets Inc., Morgan Keegan & Co. Inc., M.R. Beal & Co. Inc., Estrada Hinojosa & Co. Inc., Jackson Securities Inc., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Raymond James & Associates Inc. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to fund transportation improvements and public works projects.
| Issuer: | Miami-Dade County
|
| Issue: | Series 2009 transit system sales surtax revenue bonds
|
| Amount: | $329.985 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities Inc. (lead), Ramirez & Co. Inc., Rice Financial Products Co., Citigroup Global Markets Inc., Morgan Keegan & Co. Inc., M.R. Beal & Co. Inc., Estrada Hinojosa & Co. Inc., Jackson Securities Inc., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Raymond James & Associates Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Fitch: A+
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 24
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 4% | 104.67
|
| 2013 | Serial | 4% | 105.99
|
| 2014 | Serial | 4% | 105.962
|
| 2015 | Serial | 5% | 111.0222016 | Serial | 5% | 111.195
|
| 2017 | Serial | 4% | 104.062
|
| 2018 | Serial | 5% | 110.601
|
| 2019 | Serial | 5% | 110.227
|
| 2020 | Serial | 5% | NRO
|
| 2021 | Serial | 4% | 99.716
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Price
|
| 2029 | Term | 6.71% | Par
|
| 2039 | Term | 6.91% | Par
|
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