By Sheri Kasprzak
New York, April 6 - The Orlando Community Redevelopment Agency in Florida sold $75.48 million of series 2010 tax increment revenue bonds (A2/A/A), said a pricing sheet.
The sale included $7.51 million of series 2010A downtown district tax-exempt bonds and $67.97 million of series 2010B downtown district Build America Bonds.
The 2010A bonds are due 2014 to 2018 with 3% to 4% coupons. The 2010B bonds are due 2019 to 2025 with term bonds due 2030 and 2040. Serial coupons range from 6.21% to 7.784%, all priced at par. The 2030 bonds have a 7.584% coupon, priced at par, and the 2040 bonds have a 7.784% coupon, also priced at par.
Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. were the senior managers. The co-managers were Citigroup Global Markets Inc., Rice Financial Products Co. and Wells Fargo Securities Inc.
Proceeds will be used to construct a performing arts center in downtown Orlando.
| Issuer: | Orlando Community Redevelopment Agency (Florida)
|
| Issue: | Series 2010 tax increment revenue bonds
|
| Amount: | $75.48 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Morgan Stanley & Co. Inc. (lead), Citigroup Global Markets Inc., Rice Financial Products Co. and Wells Fargo Securities Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | April 6
|
| Settlement date: | April 20
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon
|
| 2014 | Serial | 3%
|
| 2015 | Serial | 3.5%
|
| 2016 | Serial | 4%
|
| 2017 | Serial | 4%
|
| 2018 | Serial | 4%
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2019 | Serial | 6.21% | 100
|
| 2020 | Serial | 6.31% | 100
|
| 2021 | Serial | 6.56% | 100
|
| 2022 | Serial | 6.76% | 100
|
| 2023 | Serial | 6.96% | 100
|
| 2024 | Serial | 7.11% | 100
|
| 2025 | Serial | 7.21% | 100
|
| 2030 | Term | 7.584% | 100
|
| 2040 | Term | 7.784% | 100
|
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