Published on 12/3/2014 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., sells $766.16 million aviation revenue bonds
By Sheri Kasprzak
New York, Dec. 3 – Miami-Dade County, Fla., priced $766,155,000 of series 2014 aviation revenue refunding bonds, according to a pricing sheet.
The deal included $602.34 million of series 2014A AMT bonds and $163,815,000 of series 2014B non-AMT bonds.
The 2014A bonds are due 2015 to 2036 with 1% to 5% coupons and 0.25% to 3.77% yields.
The 2014B bonds are due 2015 to 2034 with a term bond due in 2037. The serial coupons range from 1% to 5% with yields from 0.20% to 3.36%. The 2037 bonds have a 5% coupon priced at 112.778 to yield 3.45%.
The bonds (/A/A) were sold through Wells Fargo Securities LLC.
Proceeds will be used to refund the county’s series 2002A, 2003A, 2004A-B, 2005C and 2007D aviation revenue bonds.
| Issuer: | Miami-Dade County, Fla.
|
| Issue: | Series 2014 aviation revenue refunding bonds
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| Amount: | $766,155,000
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| Type: | Negotiated
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| Underwriters: | Wells Fargo Securities LLC (lead), Cabrera Capital Markets LLC, Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, Southwest Securities Inc., Barclays, Blaylock Beal Van LLC, Citigroup Global Markets Inc., Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., Jefferies & Co., RBC Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: A
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| Fitch: A
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| Pricing date: | Dec. 3
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| Settlement date: | Dec. 17
|
|
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| $602.34 million series 2014A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,485,000 | 2015 | Serial | 1% | 100.59 | 0.25%
|
| $2,655,000 | 2016 | Serial | 5% | 107.574 | 0.73%
|
| $2.76 million | 2017 | Serial | 5% | 110.739 | 1.08%
|
| $2.87 million | 2018 | Serial | 5% | 113.118 | 1.43%
|
| $2,985,000 | 2019 | Serial | 5% | 114.567 | 1.81%
|
| $3,135,000 | 2020 | Serial | 5% | 115.608 | 2.12%
|
| $1.41 million | 2025 | Serial | 5% | 115.748 | 3.12%
|
| $10.93 million | 2027 | Serial | 5% | 114.027 | 3.31%
|
| $11,485,000 | 2028 | Serial | 5% | 113.49 | 3.37%
|
| $11.36 million | 2029 | Serial | 5% | 112.956 | 3.43%
|
| $12,325,000 | 2030 | Serial | 5% | 112.248 | 3.51%
|
| $12,935,000 | 2031 | Serial | 5% | 111.808 | 3.56%
|
| $71 million | 2032 | Serial | 5% | 111.371 | 3.61%
|
| $133.91 million 2033 | Serial | 5% | 110.936 | 3.66%
|
| $650,000 | 2034 | Serial | 4% | 100 | 4.00%
|
| $51.52 million | 2034 | Serial | 5% | 110.502 | 3.71%
|
| $146,735,000 | 2035 | Serial | 5% | 110.157 | 3.75%
|
| $120.19 million 2036 | Serial | 5% | 109.985 | 3.77%
|
|
|
| $163,815,000 series 2014B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.01 million | 2015 | Serial | 1% | 100.63 | 0.20%
|
| $860,000 | 2016 | Serial | 4% | 106.095 | 0.57%
|
| $895,000 | 2017 | Serial | 5% | 111.295 | 0.89%
|
| $940,000 | 2018 | Serial | 5% | 114.072 | 1.19%
|
| $985,000 | 2019 | Serial | 5% | 115.912 | 1.54%
|
| $1,035,000 | 2020 | Serial | 5% | 117.334 | 1.83%
|
| $23.7 million | 2025 | Serial | 5% | 119.096 | 2.76%
|
| $5.34 million | 2027 | Serial | 5% | 117.222 | 2.96%
|
| $5.61 million | 2028 | Serial | 5% | 116.667 | 3.02%
|
| $6.29 million | 2029 | Serial | 5% | 116.115 | 3.08%
|
| $6.18 million | 2030 | Serial | 5% | 115.657 | 3.13%
|
| $6.49 million | 2031 | Serial | 5% | 115.201 | 3.18%
|
| $6.82 million | 2032 | Serial | 5% | 114.477 | 3.26%
|
| $7.16 million | 2033 | Serial | 5% | 114.027 | 3.31%
|
| $7,515,000 | 2034 | Serial | 5% | 113.579 | 3.36%
|
| $82,985,000 | 2037 | Term | 5% | 112.778 | 3.45%
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