Published on 8/12/2016 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County, Fla., brings $744.36 million aviation revenue bonds
By Sheri Kasprzak
New York, Aug. 12 – Miami-Dade County of Florida priced $744,355,000 of series 2016 aviation revenue refunding bonds, according to a pricing sheet.
The deal included $315.73 million of series 2016A refunding bonds and $428,625,000 of series 2016B taxable refunding bonds.
The 2016A bonds are due 2022 to 2036 with a term bond due in 2041. The serial bonds have a 5% coupons with yields from 1.31% to 2.58%. The 2041 bonds have a 5% coupon priced at 120.308 to yield 2.69%.
The 2016B bonds are due 2017 to 2027 and 2032 to 2036 with a term bond due in 2041. The serial coupons range from 0.95% to 3.756% all priced at par. The 2041 bonds have a 3.856% coupon priced at par.
The bonds (/A/A) were sold through senior manager BofA Merrill Lynch.
Proceeds will be used to refund the county’s series 2003E, 2007A-C, 2008A-B, 2009A-B and 2010A aviation revenue bonds.
| Issuer: | Miami-Dade County, Fla.
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| Issue: | Series 2016 aviation revenue refunding bonds
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| Amount: | $744,355,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Cabrera Capital Markets Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Rice Financial Products Co., Barclays, Blaylock Beal Van LLC, Citigroup Global Markets Inc., Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers)
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| Ratings: | S&P: A
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| Fitch: A
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| Pricing date: | Aug. 4
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| Settlement date: | Aug. 25
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| $315.73 million series 2016A refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,045,000 | 2022 | Serial | 5% | 121.564 | 1.31%
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| $14.39 million | 2023 | Serial | 5% | 123.487 | 1.50%
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| $4,975,000 | 2024 | Serial | 5% | 125.042 | 1.68%
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| $11.27 million | 2025 | Serial | 5% | 126.843 | 1.79%
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| $10.26 million | 2026 | Serial | 5% | 128.259 | 1.91%
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| $13,775,000 | 2027 | Serial | 5% | 126.578 | 2.07%
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| $27,495,000 | 2028 | Serial | 5% | 125.851 | 2.14%
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| $14.75 million | 2029 | Serial | 5% | 125.129 | 2.21%
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| $20.29 million | 2030 | Serial | 5% | 124.514 | 2.27%
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| $15.24 million | 2031 | Serial | 5% | 123.801 | 2.34%
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| $7.43 million | 2032 | Serial | 5% | 122.992 | 2.42%
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| $7.8 million | 2033 | Serial | 5% | 122.59 | 2.46%
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| $8.19 million | 2034 | Serial | 5% | 122.09 | 2.51%
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| $8.6 million | 2035 | Serial | 5% | 121.691 | 2.55%
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| $9.03 million | 2036 | Serial | 5% | 121.393 | 2.58%
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| $136.19 million 2041 | Term | 5% | 120.308 | 2.69%
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| $428,625,000 series 2016B taxable refunding bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,465,000 | 2017 | Serial | 0.95% | 100 | 0.95%
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| $5,515,000 | 2018 | Serial | 1.183% | 100 | 1.183%
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| $5.58 million | 2019 | Serial | 1.343% | 100 | 1.343%
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| $5,655,000 | 2020 | Serial | 1.635% | 100 | 1.635%
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| $33.29 million | 2021 | Serial | 1.885% | 100 | 1.885%
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| $30,325,000 | 2022 | Serial | 2.218% | 100 | 2.218%
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| $36.56 million | 2023 | Serial | 2.368% | 100 | 2.368%
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| $47,645,000 | 2024 | Serial | 2.504% | 100 | 2.504%
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| $37,535,000 | 2025 | Serial | 2.604% | 100 | 2.604%
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| $38,865,000 | 2026 | Serial | 2.704% | 100 | 2.704%
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| $22.63 million | 2027 | Serial | 2.854% | 100 | 2.854%
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| $8.81 million | 2032 | Serial | 3.406% | 100 | 3.406%
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| $27.68 million | 2033 | Serial | 3.556% | 100 | 3.556%
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| $28,925,000 | 2034 | Serial | 3.656% | 100 | 3.656%
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| $31,025,000 | 2035 | Serial | 3.706% | 100 | 3.706%
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| $10.58 million | 2036 | Serial | 3.756% | 100 | 3.756%
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| $52.56 million | 2041 | Term | 3.856% | 100 | 3.856%
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