New Issue: Orange County, Fla., prices $83.41 million in bonds with 3.411693% TIC

By Aaron Hochman-Zimmerman

New York, Aug. 18 - Orange County, Fla., priced $83.405 million in series 2009 tourist development tax refunding revenue bonds (A2/A+/A+) at a true interest cost of 3.411693%, according to Fred Winterkamp, manager of fiscal and business services.

Citigroup Global Markets Inc. won the competitive auction with the low bid of 3.41%, while Wachovia Securities LLC and Merrill Lynch & Co. filed just behind with bids of 3.42% and 3.43%, respectively.

The bonds will carry serial maturities from 2011 to 2018.

The coupons on the bonds range from 4% to 5%, with yields ranging from 2.08% to 4%.

Proceeds will be used to refund outstanding debt.

The county seat of Orange County is Orlando, Fla.

Issuer:	Orange County, Fla.
Issue:	Series 2009 tourist development tax refunding revenue bonds
Amount:	$83.405 million
Maturities:	2011 to 2018
True interest cost:	3.411693%
Average coupon:	4.88%
Underwriter:	Citigroup Global Markets Inc.
Type:	Competitive
Pricing date:	Aug. 18
Ratings:	Moody's: A2
	Standard & Poor's: A+
	Fitch: A+
Series 2009 bonds
Maturity	Amount	Coupon	Yield	Price
Oct. 1, 2011	$6.990 million	5.000%	2.080%	105.921
Oct. 1, 2012	$7.335 million	5.000%	2.370%	107.773
Oct. 1, 2013	$7.705 million	5.000%	2.710%	108.793
Oct. 1, 2014	$17.425 million	5.000%	3.120%	108.771
Oct. 1, 2015	$15.485 million	5.000%	3.250%	109.586
Oct. 1, 2016	$16.260 million	5.000%	3.670%	108.226
Oct. 1, 2017	$5.955 million	5.000%	3.940%	107.273
Oct. 1, 2018	$6.250 million	4.000%	4.000%	100.000

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