New Issue: Orlando Utilities prices $142.69 million revenue refunding bonds

By Cristal Cody

Eureka Springs, Ark., July 1 – Orlando Utilities Commission of Florida priced $142.69 million of series 2016A utility system revenue refunding bonds (Aa2/AA/AA), according to a new issue statement.

The bonds priced with 4% to 5% coupons with serial maturities from Oct. 1, 2017 through Oct. 1, 2023 and Oct. 1, 2028 through Oct. 1, 2033.

Citigroup Global Markets Inc. was the senior manager of the negotiated sale.

Proceeds will be used to refund the commission’s series 2006 refunding bonds and advance refund the series 2009B refunding bonds.

Issuer:	Orlando Utilities Commission
Issue:	Revenue refunding bonds
Amount:	$142.69 million
Type:	Negotiated
Bookrunner:	Citigroup Global Markets Inc.
Co-managers:	Ramirez & Co., Inc., Raymond James/Morgan Keegan and Stifel, Nicolaus & Co., Inc.
Ratings:	Moody’s: Aa2
	S&P: AA
	Fitch: AA
Pricing date:	June 23
Settlement date:	Aug. 3
Series 2016A bonds
Maturity	Type	Amount	Price	Coupon	Yield
2017	Serial	$16,415,000	103.856	4%	0.66%
2018	Serial	$34,495,000	108.979	5%	0.8%
2019	Serial	$14.5 million	112.748	5%	0.9%
2020	Serial	$15.22 million	116.172	5%	1.02%
2021	Serial	$14.39 million	119.292	5%	1.14%
2022	Serial	$1,455,000	121.969	5%	1.28%
2023	Serial	$9,605,000	124.60	5%	1.38%
2028	Serial	$5,415,000	129.054	5%	1.85%
2029	Serial	$5.68 million	128.52	5%	1.9%
2030	Serial	$5,965,000	127.988	5%	1.95%
2031	Serial	$6,265,000	116.011	4%	2.23%
2032	Serial	$6,515,000	115.225	4%	2.31%
2033	Serial	$6.77 million	114.737	4%	2.36%

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