Published on 7/21/2015 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County School, Fla., brings $192.72 million of G.O. bonds
By Sheri Kasprzak
New York, July 21 – The Miami-Dade County School District of Florida sold $192.72 million of series 2015 general obligation school bonds, said a pricing sheet.
The bonds (Aa3/A+/) were sold competitively. BofA Merrill Lynch won the bid at a 3.89% true interest cost.
The bonds are due 2016 to 2036 with term bonds due in 2039 and 2045. The serial coupons range from 3.5% to 5% with yields from 0.19% to 3.89%. The 2039 bonds have a 4% coupon and priced at par, and the 2045 bonds have a 4.25% coupon and priced at par.
Proceeds will be used to finance capital improvements at the district’s schools.
| Issuer: | Miami-Dade County School District
|
| Issue: | Series 2015 general obligation school bonds
|
| Amount: | $192.72 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch
|
| TIC: | 3.89%
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A+
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,325,000 | 2016 | Serial | 5% | 102.842 | 0.19%
|
| $3,225,000 | 2017 | Serial | 5% | 106.777 | 0.71%
|
| $3.39 million | 2018 | Serial | 5% | 109.99 | 1.08%
|
| $3,565,000 | 2019 | Serial | 5% | 112.866 | 1.32%
|
| $3,745,000 | 2020 | Serial | 5% | 114.753 | 1.65%
|
| $3.94 million | 2021 | Serial | 5% | 115.966 | 1.97%
|
| $4.14 million | 2022 | Serial | 5% | 116.624 | 2.27%
|
| $4,355,000 | 2023 | Serial | 5% | 117.716 | 2.43%
|
| $4,575,000 | 2024 | Serial | 5% | 118.285 | 2.61%
|
| $4.81 million | 2025 | Serial | 5% | 118.483 | 2.79%
|
| $5.06 million | 2026 | Serial | 5% | 115.927 | 2.98%
|
| $5.32 million | 2027 | Serial | 5% | 115.927 | 3.07%
|
| $5.59 million | 2028 | Serial | 5% | 115.12 | 3.16%
|
| $5,835,000 | 2029 | Serial | 3.5% | 100.403 | 3.45%
|
| $6.04 million | 2030 | Serial | 3.5% | 100 | 3.50%
|
| $6.27 million | 2031 | Serial | 4% | 102.645 | 3.67%
|
| $6,525,000 | 2032 | Serial | 4% | 102.238 | 3.72%
|
| $6,795,000 | 2033 | Serial | 4% | 101.834 | 3.77%
|
| $7.07 million | 2034 | Serial | 4% | 101.511 | 3.81%
|
| $7.36 million | 2035 | Serial | 4% | 101.19 | 3.85%
|
| $7.66 million | 2036 | Serial | 4% | 100.87 | 3.89%
|
| $24.91 million | 2039 | Term | 4% | 100 | 4.00%
|
| $60,215,000 | 2045 | Term | 4.25% | 100 | 4.25%
|
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