By Cristal Cody
Springdale, Ark., Feb. 29 - Orlando, Fla., on Friday released the results of the sale of $223.965 million bonds that priced with a 5.419% true interest cost.
The city priced $190.46 million series 2008A bonds and $33.505 million series 2008B bonds on Thursday.
The $73.87 million series 2008C third lien subordinate tourist development tax revenue bonds will price on Monday, said Chris McCullion, assistant treasurer for Orlando.
Series 2008A senior tourist development tax revenue bonds have serial maturities from 2010 to 2020, with term bonds due 2023, 2027 and 2038.
The serials priced with coupons from 4% to 5.25% with yields from 3.1% to 4.79%, according to the final pricing report.
The 2023 term bond priced with 5.25% coupon and 5.07% yield; the 2027 term bond priced with 5.125% coupon and 5.34% yield; and the 2038 term bond priced with 5.25% coupon and 5.5% yield.
Series 2008B second lien subordinate tourist development tax revenue bonds have serials from 2013 to 2023 and term bonds due 2027 and 2038.
The serials priced with coupons from 4% to 5.125% with yields from 3.78% to 5.2%.
The 2027 term bond priced with 5.25% coupon with a 5.44% yield; and the 2038 term bond priced with 5.5% coupon with a 5.6% yield.
The bonds (Aa3/AA+/AA-) are backed by the city's 6th cent hotel contract payments with Orange County and are insured under a financial guaranty insurance policy by Assured Guaranty Corp. (Aaa).
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.
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.
| Issuer: | Orlando, Fla.
|
| Type: | Negotiated
|
| True interest cost: | 5.419%
|
| Underwriter: | Citi (lead)
|
| Ratings: | Moody's: Aa3
|
| S&P: AA+
|
| Fitch: AA-
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| Pricing date: | Feb. 28
|
|
|
| Issue: | Series 2008A senior tourist development tax revenue bonds
|
| Amount: | $190.46 million
|
| Maturities: | 2010 to 2020 serials; term bonds due 2023, 2027 and 2038 |
|
| Coupons: | 4% to 5.25%
|
| Yields: | 3.1% to 4.79%
|
| 2023 term bond: | 5.25% coupon, 5.07% yield
|
| 2027 term bond: | 5.125% coupon, 5.34% yield
|
| 2038 term bond: | 5.5% coupon, 5.6% yield
|
|
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| Issue: | Series 2008B second lien subordinate tourist development tax revenue bonds
|
| Amount: | $33.505 million
|
| Maturities: | 2013 to 2023 serials; term bonds due 2027 and 2038
|
| Coupons: | 4% to 5.125%
|
| Yields: | 3.78% to 5.2%
|
| 2027 term bond: | 5.25% coupon, 5.44% yield
|
| 2038 term bond: | 5.5% coupon, 5.6% yield
|
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