Published on 7/6/2015 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County School, Fla., prices $239.63 million of certificates
By Sheri Kasprzak
New York, July 6 – The Miami-Dade County School Board of Florida sold $239.63 million of series 2015B certificates of participation, according to a pricing sheet. The deal was downsized from $460.74 million.
The COPs (A1/A/) were sold through Citigroup Global Markets Inc.
The certificates are due 2016, 2023 to 2024 and 2026 to 2028 with 1% to 5% coupons and yields from 0.65% to 3.45%.
Proceeds will be used to refund the board’s series 2008B COPs.
| Issuer: | Miami-Dade County School Board, Fla.
|
| Issue: | Series 2015B certificates of participation
|
| Amount: | $239.63 million
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Blaylock Beal Van LLC, Cabrera Capital Markets LLC, Ramirez & Co. and Estrada Hinojosa & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Pricing date: | June 26
|
| Settlement date: | July 30
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.68 million | 2016 | Serial | 1% | 100.262 | 0.65%
|
| $90.3 million | 2023 | Serial | 2.4% | 100 | 2.40%
|
| $32.71 million | 2024 | Serial | 5% | 116.21 | 2.89%
|
| $35,965,000 | 2026 | Serial | 5% | 114.702 | 3.23%
|
| $37.65 million | 2027 | Serial | 5% | 113.537 | 3.36%
|
| $38,325,000 | 2028 | Serial | 5% | 112.738 | 3.45%
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