By Cristal Cody
Springdale, Ark., March 3 - Orlando, Fla., priced $87.27 million bonds with a 6.265% true interest cost on Monday.
The series 2008C third lien subordinate tourist development tax revenue term bond (Aa3/AA+/AA-) priced with a 5.5% coupon to yield 5.85% yield for the tranche with a 10-year call, according to the final pricing sheet released to Prospect News.
The bonds carrying a three-year call priced with a 5.75% coupon to yield 5.9%.
The term bonds are due 2038.
The bonds were sold in a negotiated sale managed by Goldman, Sachs & Co.
The city's bonds that priced Thursday also were slightly readjusted because of Monday's sale, said Chris McCullion, assistant treasurer for Orlando.
The pricings were recalculated as $190.25 million series 2008A bonds and $33.365 million series 2008B bonds.
The series 2008A senior tourist development tax revenue bonds have serial maturities from 2010 to 2020, with term bonds due 2023, 2027 and 2038.
The series 2008B second lien subordinate tourist development tax revenue bonds have serials from 2013 to 2023 and term bonds due 2027 and 2038.
The series 2008 bonds (Aa3/AA+/AA-) are insured under a financial guaranty insurance policy by Assured Guaranty Corp. (Aaa).
Goldman, Sachs & Co. is the manager of series 2008B and 2008C bonds, and Citi is the manager of series 2008A bonds.
Proceeds will be used to construct a $480 million community event center in Orlando.
| Issuer: | Orlando, Fla.
|
| Issue: | Third lien subordinate tourist development tax revenue bonds
|
| Type: | Negotiated
|
| Amount: | $87.27 million
|
| True interest cost: | 6.265%
|
| Coupons: | 10-year call, 5.5%; 3-year call, 5.75%
|
| Yields: | 10-year call, 5.85%; 3-year call, 5.9%
|
| Maturity: | Term bond due 2038
|
| Underwriter: | Goldman, Sachs & Co.
|
| Ratings: | Moody's: Aa3
|
| S&P: AA+
|
| Fitch: AA-
|
| Pricing date: | March 3
|
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