Published on 12/13/2012 in the Prospect News Municipals Daily.
New Issue: North Miami Beach, Fla., prices $56.21 million of water refunding bonds
By Sheri Kasprzak
New York, Dec. 13 - The City of North Miami Beach, Fla., priced $56.21 million of series 2012 water revenue refunding bonds, according to a pricing sheet.
The bonds (/A+/A+) were sold through senior manager Bank of America Merrill Lynch.
The bonds are due 2013 to 2032 with 2% to 5% coupons.
Proceeds will be used to refund city's series 2002B water revenue bonds.
| Issuer: | City of North Miami Beach, Fla.
|
| Issue: | Series 2012 water revenue refunding bonds
|
| Amount: | $56.21 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Raymond James/Morgan Keegan
|
| Ratings | Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $820,000 | 2013 | Serial | 2% | 100.948
|
| $1.58 million | 2014 | Serial | 2% | 103.684
|
| $1,635,000 | 2015 | Serial | 4% | 107.908
|
| $1,695,000 | 2016 | Serial | 5% | 113.474
|
| $1,785,000 | 2017 | Serial | 5% | 115.932
|
| $1.88 million | 2018 | Serial | 3% | 107.264
|
| $1.94 million | 2019 | Serial | 5% | 118.974
|
| $2,035,000 | 2020 | Serial | 5% | 119.683
|
| $2.78 million | 2021 | Serial | 5% | 120.294
|
| $2,925,000 | 2022 | Serial | 5% | 120.58
|
| $3,065,000 | 2023 | Serial | 5% | NRO
|
| $3.22 million | 2024 | Serial | 5% | NRO
|
| $3,385,000 | 2025 | Serial | 3% | 98.139
|
| $3,485,000 | 2026 | Serial | 3% | 97.48
|
| $3,595,000 | 2027 | Serial | 4% | NRO
|
| $3.74 million | 2028 | Serial | 3.125% | 97.636
|
| $3.86 million | 2029 | Serial | 5% | NRO
|
| $4,055,000 | 2030 | Serial | 5% | NRO
|
| $4.26 million | 2031 | Serial | 5% | NRO
|
| $4.47 million | 2032 | Serial | 5% | NRO
|
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