Published on 3/28/2014 in the Prospect News Municipals Daily.
New Issue: Orlando, Fla., prices $236.29 million contract tourist bonds
By Sheri Kasprzak
New York, March 28 - The City of Orlando, Fla., sold $236.29 million of series 2014A contract tourist development payments revenue bonds, according to a pricing sheet.
The bonds (Aa2//AA+) were sold through BofA Merrill Lynch and Citigroup Global Markets Inc.
The bonds are due 2016 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5.25% with 0.59% to 3.96% yields. The 2039 bonds have a 5% coupon priced at 107.236 to yield 4.11%, and the 2044 bonds have a 5% coupon priced at 106.56 to yield 4.19%.
Proceeds will be used to construct, acquire, repair and renovate a stadium and performing arts center in the city.
| Issuer: | City of Orlando
|
| Issue: | Series 2014A contract tourist development tax payments revenue bonds
|
| Amount: | $236.29 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Citigroup Global Markets Inc. (lead), Cabrera Capital Markets LLC, J.P. Morgan Securities LLC, Jefferies & Co., Rice Financial Products Co. and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA+
|
| Pricing date: | March 28
|
| Settlement date: | May 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2016 | Serial | 4% | 108.44 | 0.59%
|
| $2 million | 2017 | Serial | 5% | 113.713 | 1.00%
|
| $3 million | 2018 | Serial | 3% | 106.905 | 1.41%
|
| $2.2 million | 2019 | Serial | 4% | 111.354 | 1.82%
|
| $2.26 million | 2019 | Serial | 5% | 116.563 | 1.82%
|
| $4.66 million | 2020 | Serial | 5% | 116.667 | 2.23%
|
| $1.1 million | 2021 | Serial | 4% | 110.196 | 2.50%
|
| $3,795,000 | 2021 | Serial | 5% | 116.994 | 2.50%
|
| $5.13 million | 2022 | Serial | 5% | 117.028 | 2.74%
|
| $5,385,000 | 2023 | Serial | 5% | 117.596 | 2.87%
|
| $5,655,000 | 2024 | Serial | 5% | 116.882 | 3.03%
|
| $5,935,000 | 2025 | Serial | 5.25% | 117.421 | 3.20%
|
| $6.25 million | 2026 | Serial | 5.25% | 116.305 | 3.32%
|
| $6,575,000 | 2027 | Serial | 5.25% | 115.476 | 3.41%
|
| $6.92 million | 2028 | Serial | 5.25% | 114.746 | 3.49%
|
| $7,285,000 | 2029 | Serial | 5.25% | 113.84 | 3.59%
|
| $7,665,000 | 2030 | Serial | 5.25% | 113.033 | 3.68%
|
| $8.07 million | 2031 | Serial | 5.25% | 112.232 | 3.77%
|
| $8,495,000 | 2032 | Serial | 5.25% | 111.614 | 3.84%
|
| $8.94 million | 2033 | Serial | 5.25% | 111 | 3.91%
|
| $9.41 million | 2034 | Serial | 5.25% | 110.564 | 3.96%
|
| $54,725,000 | 2039 | Term | 5% | 107.236 | 4.11%
|
| $69,835,000 | 2044 | Term | 5% | 106.56 | 4.19%
|
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