Published on 7/11/2012 in the Prospect News Municipals Daily.
New Issue: Orlando Utilities Commission prices $52.94 million of refunding bonds
By Sheri Kasprzak
New York, July 11 - The Orlando Utilities Commission sold $52,935,000 of series 2012A utility system revenue refunding bonds, according to a term sheet. The offering was downsized from $75 million.
The bonds (Aa2//AA) were sold through senior manager Morgan Stanley & Co. LLC.
The bonds are due 2016 to 2018 and 2021 to 2027 with 3% to 5% coupons.
Proceeds will be used to refund a portion of the outstanding series 2002C and 2003 revenue bonds.
| Issuer: | Orlando Utilities Commission
|
| Issue: | Series 2012A utility system revenue refunding bonds
|
| Amount: | $52,935,000
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,265,000 | 2016 | Serial | 3% | 108.963
|
| $2,155,000 | 2017 | Serial | 4% | 114.75
|
| $2,235,000 | 2018 | Serial | 4% | 115.54
|
| $395,000 | 2021 | Serial | 4% | 115.799
|
| $410,000 | 2022 | Serial | 4% | 115.968
|
| $15,135,000 | 2023 | Serial | 5% | 126.154
|
| $15,155,000 | 2024 | Serial | 5% | 125.778
|
| $15,175,000 | 2025 | Serial | 5% | 125.534
|
| $495,000 | 2026 | Serial | 4% | 112.428
|
| $515,000 | 2027 | Serial | 4% | 111.958
|
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