Published on 10/17/2014 in the Prospect News Municipals Daily.
New Issue: Orlando, Fla., sells $83.81 million capital improvement revenue bonds
By Sheri Kasprzak
New York, Oct. 17 – The City of Orlando, Fla., priced $83.81 million of series 2014 capital improvement special revenue bonds, said a pricing sheet.
The deal included $62.21 million of series 2014B revenue bonds, $10,335,000 of series 2014C refunding bonds and $11,265,000 of series 2014D refunding bonds.
The 2014B bonds are due 2017 to 2036 with term bonds due in 2041 and 2046. The serial bonds have 5% coupons with 0.59% to 3% yields. The 2041 bonds have a 5% coupon priced at 115.485 to yield 3.16%, and the 2046 bonds have a 5% coupon priced at 115.119 to yield 3.2%.
The 2014C bonds are due 2015 to 2024 with 2% to 5% coupons and yields from 0.20% to 2.18%.
The 2014D bonds are due 2015 to 2025 with coupons from 2% to 5% and yields from 0.20% to 2.29%.
The bonds (Aa2/AA/AA+) were sold through senior manager Jefferies & Co.
Proceeds will be used to finance capital upgrades to the city’s municipal facilities, including the construction of a new police headquarters building and lighting and safety upgrades, as well as to refund the city’s series 2005A and 2006A bonds.
| Issuer: | City of Orlando, Fla.
|
| Issue: | Series 2014 capital improvement special revenue bonds
|
| Amount: | $83.81 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. (lead), Blaylock Beal Van LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Fitch: AA+
|
| Pricing date: | Oct. 17
|
| Settlement date: | Nov. 20
|
|
|
| $62.21 million series 2014B revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.43 million | 2017 | Serial | 5% | 112.504 | 0.59%
|
| $1,505,000 | 2018 | Serial | 5% | 115.616 | 0.88%
|
| $1,575,000 | 2019 | Serial | 5% | 118.159 | 1.15%
|
| $1.66 million | 2020 | Serial | 5% | 120.134 | 1.41%
|
| $1,735,000 | 2021 | Serial | 5% | 121.653 | 1.65%
|
| $1,825,000 | 2022 | Serial | 5% | 122.624 | 1.89%
|
| $1,915,000 | 2023 | Serial | 5% | 123.979 | 2.03%
|
| $2,015,000 | 2024 | Serial | 5% | 124.904 | 2.18%
|
| $2,115,000 | 2025 | Serial | 5% | 123.803 | 2.29%
|
| $2.22 million | 2026 | Serial | 5% | 122.614 | 2.41%
|
| $2,335,000 | 2027 | Serial | 5% | 121.927 | 2.48%
|
| $2,445,000 | 2028 | Serial | 5% | 121.439 | 2.53%
|
| $2.57 million | 2029 | Serial | 5% | 120.953 | 2.58%
|
| $2,695,000 | 2030 | Serial | 5% | 120.373 | 2.64%
|
| $2,835,000 | 2031 | Serial | 5% | 119.701 | 2.71%
|
| $1.45 million | 2032 | Serial | 5% | 119.033 | 2.78%
|
| $1,525,000 | 2033 | Serial | 5% | 118.465 | 2.84%
|
| $1.6 million | 2034 | Serial | 5% | 117.993 | 2.89%
|
| $1.68 million | 2035 | Serial | 5% | 117.524 | 2.94%
|
| $1,765,000 | 2036 | Serial | 5% | 116.963 | 3.00%
|
| $10.24 million | 2041 | Term | 5% | 115.485 | 3.16%
|
| $13,075,000 | 2046 | Term | 5% | 115.119 | 3.20%
|
|
|
| $10,335,000 series 2014C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $700,000 | 2015 | Serial | 2% | 101.552 | 0.20%
|
| $885,000 | 2016 | Serial | 4% | 106.678 | 0.40%
|
| $915,000 | 2017 | Serial | 5% | 112.504 | 0.59%
|
| $970,000 | 2018 | Serial | 5% | 115.616 | 0.88%
|
| $1,015,000 | 2019 | Serial | 5% | 118.159 | 1.15%
|
| $1,065,000 | 2020 | Serial | 5% | 120.134 | 1.41%
|
| $1,115,000 | 2021 | Serial | 5% | 121.653 | 1.65%
|
| $1.17 million | 2022 | Serial | 5% | 122.624 | 1.89%
|
| $1.23 million | 2023 | Serial | 5% | 123.979 | 2.03%
|
| $1.29 million | 2024 | Serial | 5% | 124.904 | 2.18%
|
|
|
| $11,265,000 series 2014D refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $735,000 | 2015 | Serial | 2% | 101.552 | 0.20%
|
| $940,000 | 2016 | Serial | 4% | 106.678 | 0.40%
|
| $975,000 | 2017 | Serial | 5% | 112.504 | 0.59%
|
| $1,025,000 | 2018 | Serial | 5% | 115.616 | 0.88%
|
| $1.08 million | 2019 | Serial | 5% | 118.159 | 1.15%
|
| $1,135,000 | 2020 | Serial | 5% | 120.134 | 1.41%
|
| $1,185,000 | 2021 | Serial | 5% | 121.653 | 1.65%
|
| $1.25 million | 2022 | Serial | 5% | 122.624 | 1.89%
|
| $1.31 million | 2023 | Serial | 5% | 123.979 | 2.03%
|
| $1,375,000 | 2024 | Serial | 5% | 124.904 | 2.18%
|
| $1.44 million | 2025 | Serial | 5% | 125.931 | 2.29%
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
