Orlando to price $297.99 million bonds Feb. 26 to build community center, improve Citrus Bowl

By Cristal Cody

Springdale, Ark., Feb. 19 - Orlando, Fla., plans to price $297.99 million of bonds in three tranches on Feb. 26.

The city expects to sell $181.76 million series 2008A bonds, $42.36 million series 2008B bonds and $73.87 million series 2008C bonds. The bonds are backed by the city's 6 cent hotel contract payments with Orange County, said Chris McCullion, assistant treasurer for Orlando.

The series 2008A senior tourist development tax revenue bonds, series 2008B second lien subordinate tourist development tax revenue bonds, and series 2008C third lien subordinate tourist development tax revenue bonds are insured under a financial guaranty insurance policy by Assured Guaranty Corp. (Aaa).

Series 2008A and B bonds have serial maturities from Nov. 1, 2008, to Nov. 1, 2038. Series 2008C bonds mature in 2038.

On Tuesday, Moody's assigned an A3 rating to series A bonds and a Baa1 rating to series 2008B bonds.

Citi is the senior book runner for series 2008A bonds, and Goldman, Sachs & Co. is the book-running manager for series 2008B and 2008C bonds. Underwriting co-managers include Banc of America Securities LLC, M.R. Beal & Co., Ramirez & Co., Raymond James & Associates, Siebert Brandford Shank & Co. and UBS Investment Bank.

Proceeds will be used to construct a $480 million community event center in Orlando, which is part of a larger project that includes improvements to the Citrus Bowl football stadium.

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