Published on 10/24/2012 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., brings $433.67 million of G.O. refunding bonds
By Sheri Kasprzak
New York, Oct. 24 - Miami-Dade County, Fla., priced $433.67 million of series 2012 subordinate special obligation refunding bonds, according to a pricing sheet.
The offering included $176,235,000 of series 2012A bonds and $257,435,000 of series 2012B bonds.
The 2012A bonds are due 2014 to 2030 with 3% to 5% coupons. The 2012B bonds are due 2030 to 2032 with term bonds due in 2035 and 2037. The serial coupons range from 3.875% to 5%. The 2035 bonds have a 5% coupon priced at 110.426. The 2037 bonds have a 4% coupon priced at 98.753 and a 5% coupon priced at 109.472.
The bonds (A2/A+/A+) were sold through lead manager Citigroup Global Markets Inc. and co-managers Blaylock Robert Van LLC, M.R. Beal & Co. Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. Inc., Goldman, Sachs & Co., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and Southwest Securities Inc.
Proceeds will be used to refund the county's series 1997A-C and 2005A special obligation bonds.
| Issuer: | Miami-Dade County, Fla.
|
| Issue: | Series 2012 subordinate special obligation refunding bonds
|
| Amount: | $433.67 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Blaylock Robert Van LLC, M.R. Beal & Co. Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. Inc., Goldman, Sachs & Co., Rice Financial Products Co., Siebert Brandford Shank & Co. LLC and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Oct. 24
|
| Settlement date: | Nov. 8
|
|
|
| $176,235,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.44 million | 2014 | Serial | 3% | 104.23
|
| $4,105,000 | 2015 | Serial | 4% | 108.395
|
| $5.63 million | 2021 | Serial | 5% | 118.428
|
| $7,515,000 | 2022 | Serial | 5% | 118.519
|
| $1.53 million | 2023 | Serial | 3.125% | 100
|
| $8,015,000 | 2023 | Serial | 5% | 117.2
|
| $11.7 million | 2024 | Serial | 5% | 116.455
|
| $14,055,000 | 2025 | Serial | 5% | 115.807
|
| $16.59 million | 2026 | Serial | 5% | 114.888
|
| $4,245,000 | 2027 | Serial | 3.5% | 99.422
|
| $16.05 million | 2027 | Serial | 5% | 114.342
|
| $23,205,000 | 2028 | Serial | 5% | 113.618
|
| $29.23 million | 2029 | Serial | 5% | 113.078
|
| $27,925,000 | 2030 | Serial | 5% | 112.631
|
|
|
| $257,435,000 series 2012B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.95 million | 2030 | Serial | 5% | 112.631
|
| $39.82 million | 2031 | Serial | 5% | 112.274
|
| $125,000 | 2032 | Serial | 3.875% | 100
|
| $43.94 million | 2032 | Serial | 5% | 111.831
|
| $61.32 million | 2035 | Term | 5% | 110.426
|
| $45 million | 2037 | Term | 4% | 98.753
|
| $59.28 million | 2037 | Term | 5% | 109.472
|
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