Published on 12/11/2013 in the Prospect News Municipals Daily.
New Issue: Palm Beach, Fla., brings $55.59 million public improvement revenue debt
By Sheri Kasprzak
New York, Dec. 11 - The City of Palm Beach, Fla., priced $55.59 million of series 2013B public improvement revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA+/) were sold through senior manager Citigroup Global Markets Inc.
The bonds are due 2015 to 2036 with a term bond due in 2043. The serial coupons range from 4% to 5% with 0.33% to 4.57% yields. The 2043 bonds have a 5% coupon to yield 4.74%.
Proceeds will be used to finance all or a portion of the costs to acquire, construct, renovate and equip components of the town's capital improvement plan, which include drainage, sanitary sewer, water system, sidewalks, sea wall replacements and other capital improvements.
| Issuer: | Palm Beach, Fla.
|
| Issue: | Series 2013B public improvement revenue bonds
|
| Amount: | $55.59 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 19
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $900,000 | 2015 | Serial | 4% | 0.33%
|
| $935,000 | 2016 | Serial | 5% | 0.5%
|
| $985,000 | 2017 | Serial | 5% | 0.8%
|
| $1,035,000 | 2018 | Serial | 5% | 1.15%
|
| $1,095,000 | 2019 | Serial | 5% | 1.59%
|
| $1,145,000 | 2020 | Serial | 5% | 2.06%
|
| $1.2 million | 2021 | Serial | 5% | 2.48%
|
| $1,265,000 | 2022 | Serial | 5% | 2.82%
|
| $1,335,000 | 2023 | Serial | 5% | 3.1%
|
| $1.4 million | 2024 | Serial | 5% | 3.3%
|
| $1.47 million | 2025 | Serial | 5% | 3.45%
|
| $1,545,000 | 2026 | Serial | 5% | 3.59%
|
| $1.63 million | 2027 | Serial | 5% | 3.79%
|
| $1.71 million | 2028 | Serial | 5% | 3.91%
|
| $1.79 million | 2029 | Serial | 4% | 4.15%
|
| $1.86 million | 2030 | Serial | 4.125% | 4.27%
|
| $1.94 million | 2031 | Serial | 4.125% | 4.36%
|
| $2,025,000 | 2032 | Serial | 4.25% | 4.43%
|
| $2.12 million | 2033 | Serial | 5% | 4.39%
|
| $2.23 million | 2034 | Serial | 5% | 4.45%
|
| $2,345,000 | 2035 | Serial | 5% | 4.51%
|
| $2,465,000 | 2036 | Serial | 5% | 4.57%
|
| $21,165,000 | 2043 | Term | 5% | 4.74%
|
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