Published on 12/17/2014 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County School Board prices $306.82 million of certificates
By Sheri Kasprzak
New York, Dec. 17 – The Miami-Dade County School Board of Florida sold $306.82 million of series 2015A certificates of participation, according to a pricing sheet. The deal was downsized from $317,285,000.
The COPs (A1/A/) were sold through BofA Merrill Lynch.
The certificates are due 2018 to 2032 with 5% coupons and yields from 1.12% to 3.26%.
Proceeds will be used to refund the board’s series 2007A-B certificates of participation.
| Issuer: | Miami-Dade County School Board
|
| Issue: | Series 2015A certificates of participation
|
| Amount: | $306.82 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Barclays, Morgan Stanley & Co. LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $14.73 million | 2018 | Serial | 5% | 112.451 | 1.12%
|
| $15.47 million | 2019 | Serial | 5% | 114.715 | 1.44%
|
| $16,245,000 | 2020 | Serial | 5% | 116.313 | 1.75%
|
| $17,055,000 | 2021 | Serial | 5% | 117.484 | 2.02%
|
| $17.9 million | 2022 | Serial | 5% | 118.068 | 2.29%
|
| $17.92 million | 2023 | Serial | 5% | 118.749 | 2.48%
|
| $18.82 million | 2024 | Serial | 5% | 119.213 | 2.65%
|
| $19,765,000 | 2025 | Serial | 5% | 119.23 | 2.83%
|
| $20.74 million | 2026 | Serial | 5% | 117.862 | 2.97%
|
| $21,785,000 | 2027 | Serial | 5% | 118.642 | 2.89%
|
| $22,875,000 | 2028 | Serial | 5% | 116.512 | 3.11%
|
| $24.02 million | 2029 | Serial | 5% | 116.035 | 3.16%
|
| $25,215,000 | 2030 | Serial | 5% | 115.845 | 3.18%
|
| $10 million | 2031 | Serial | 5% | 116.608 | 3.10%
|
| $16,475,000 | 2031 | serial | 5% | 115.465 | 3.22%
|
| $27,805,000 | 2032 | Serial | 5% | 115.087 | 3.26%
|
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