Published on 7/15/2016 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., sells $219.51 million special obligation bonds
By Sheri Kasprzak
New York, July 15 – Miami-Dade County, Fla., brought to market $219,505,000 of series 2016 subordinate special obligation refunding bonds, according to a pricing sheet.
The bonds (/A+/A+) were sold through Ramirez & Co. Inc.
The bonds are due 2018 to 2040 with 3% to 5% coupons and yields from 0.75% to 2.87%.
Proceeds will be used to refund the county’s series 1996B and 2005 special obligation bonds.
| Issuer: | Miami-Dade County
|
| Issue: | Series 2016 subordinate special obligation refunding bonds
|
| Amount: | $219,505,000
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Drexel Hamilton LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Rice Financial Products Co., BofA Merrill Lynch, Barclays, Blaylock Beal Van LLC, Cabrera Capital Markets LLC, Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | S&P: A+
|
| Fitch: A+
|
| Pricing date: | July 15
|
| Settlement date: | July 27
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $410,000 | 2018 | Serial | 3% | 104.85 | 0.75%
|
| $1,355,000 | 2019 | Serial | 5% | 113.05 | 0.83%
|
| $2.44 million | 2020 | Serial | 5% | 116.236 | 1.02%
|
| $2,815,000 | 2021 | Serial | 5% | 119.075 | 1.19%
|
| $3.67 million | 2022 | Serial | 5% | 121.034 | 1.43%
|
| $4,705,000 | 2023 | Serial | 5% | 122.89 | 1.61%
|
| $5,835,000 | 2024 | Serial | 5% | 124.833 | 1.73%
|
| $7,065,000 | 2025 | Serial | 5% | 126.474 | 1.85%
|
| $8,395,000 | 2026 | Serial | 5% | 128.029 | 1.95%
|
| $10.67 million | 2027 | Serial | 5% | 126.761 | 2.07%
|
| $12,595,000 | 2028 | Serial | 5% | 126.029 | 2.14%
|
| $14.63 million | 2029 | Serial | 5% | 125.405 | 2.20%
|
| $18,075,000 | 2030 | Serial | 5% | 124.991 | 2.24%
|
| $26,595,000 | 2034 | Serial | 5% | 122.945 | 2.44%
|
| $29,235,000 | 2035 | Serial | 5% | 122.54 | 2.48%
|
| $7,105,000 | 2038 | Serial | 4% | 121.837 | 2.55%
|
| $31,315,000 | 2039 | Serial | 4% | 110.001 | 2.86%
|
| $32,595,000 | 2040 | Serial | 4% | 109.909 | 2.87%
|
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