Published on 3/11/2015 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County IDA, Fla., sells $55.64 million NCCD-Biscayne bonds
By Sheri Kasprzak
New York, March 11 – The Miami-Dade County Industrial Development Authority sold $55,635,000 of series 2015 industrial development revenue bonds for the NCCD-Biscayne Properties LLC, according to a pricing sheet.
The bonds (Baa3) were sold through Raymond James/Morgan Keegan.
The offering included $55,525,000 of series 2015A bonds and $110,000 of series 2015B taxable bonds.
The 2015A bonds are due 2017 to 2025 with term bonds due in 2030, 2035, 2040 and 2048. The serial coupons range from 3% to 5% with yields from 1.59% to 3.79%. The 2030 bonds have a 5% coupon priced at 106.91 to yield 4.16%. The 2035 bonds have a 5% coupon priced at 105.044 to yield 4.38% and the 2040 bonds have a 5% coupon priced at 104.209 to yield 4.48%. The 2048 bonds have a 5% coupon priced at 103.629 to yield 4.55%.
The 2015B bonds are due June 1, 2017 and have a 3% coupon priced at par.
Proceeds will be used to construct, equip, furnish and acquire student housing and a parking facility at the Biscayne Bay, Fla., campus of Florida International University.
| Issuer: | Miami-Dade County Industrial Development Authority/NCCD-Biscayne Properties LLC
|
| Issue: | Series 2015 industrial development revenue bonds
|
| Amount: | $55,635,000
|
| Type: | Negotiated
|
| Underwriter: | Raymond James/Morgan Keegan
|
| Rating: | Moody’s: Baa3
|
| Pricing date: | March 11
|
| Settlement date: | March 24
|
|
|
| $55,525,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $100,000 | 2017 | Serial | 3% | 103.016 | 1.59%
|
| $485,000 | 2018 | Serial | 3% | 103.07 | 2.00%
|
| $595,000 | 2019 | Serial | 3% | 102.293 | 2.42%
|
| $710,000 | 2020 | Serial | 4% | 106.149 | 2.72%
|
| $840,000 | 2021 | Serial | 4.5% | 108.466 | 2.99%
|
| $985,000 | 2022 | Serial | 5% | 111.062 | 3.26%
|
| $1,035,000 | 2023 | Serial | 4% | 103.6 | 3.49%
|
| $1,075,000 | 2024 | Serial | 4% | 102.706 | 3.65%
|
| $1,115,000 | 2025 | Serial | 5% | 110.14 | 3.79%
|
| $6,485,000 | 2030 | Term | 5% | 106.91 | 4.16%
|
| $8.27 million | 2035 | Term | 5% | 105.044 | 4.38%
|
| $10.55 million | 2040 | Term | 5% | 104.209 | 4.48%
|
| $23.28 million | 2048 | Term | 5% | 103.629 | 4.55%
|
|
|
| $110,000 series 2015B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| June 1, 2017 | Term | 3% | 100
|
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