By Sheri Kasprzak
New York, Feb. 28 - Pasco County in Florida priced $85.28 million in refunding revenue bonds, according to a source familiar with the deal.
The bonds (A2) included $45.7 million in series 2008A solid waste and resource recovery system refunding revenue bonds, $15.09 million in series 2008B solid waste and resource recovery system refunding revenue bonds, $4.545 million in series 2008C solid waste and resource recovery system refunding revenue bonds and $19.945 million in series 2008D solid waste and resource recovery system refunding revenue bonds.
The 2008A bonds are variable rate and reset at the weekly rate, said a sellside source familiar with the deal.
The 2008B bonds are due from 2009 to 2012 with coupons from 3% to 4% and yields ranging from 2.35% to 3.14%.
The 2008C bonds are due from 2009 to 2012 with coupons from 4% to 4.5% and yields from 2.65% to 3.59%.
The 2008D bonds are term bonds due in 2022 and 2024. The 2022 bonds have a 5% coupon priced at 103.933, and the 2024 bonds have a 5% coupon priced at 102.546.
The bonds were sold on a negotiated basis. UBS Investment Bank is the underwriter for the 2008A bonds, and UBS Investment Bank and JPMorgan are the lead managers with Citigroup as the co-manager for the 2008B, 2008C and 2008D bonds.
The proceeds will be used to defease all the solid waste system's existing bonds to provide cash-flow relief, to fund a debt service reserve account and to provide funds for minor capital improvements.
| Issuer: | Pasco County, Fla.
|
| Issue: | Refunding revenue bonds
|
| Amount: | $85.28 million
|
| Type: | Negotiated
|
| Underwriters: | UBS Investment Bank (lead for 2008A bonds); UBS and JPMorgan (leads for 2008B, 2008C, 2008D bonds); Citigroup Global Markets (co-manager for 2008B, 2008C, 2008D bonds)
|
| Rating: | Moody's: A2
|
| Pricing date: | Feb. 28
|
|
|
| Series 2008B
|
| Maturities | Type | Coupon | Yield | Price
|
| 2009 | Serial | 4% | 2.35% | 102.561
|
| 2010 | Serial | 3% | 2.64% | 100.894
|
| 2011 | Serial | 3.25% | 2.94% | 101.047
|
| 2012 | Serial | 3% | 3.14% | 99.403
|
|
|
| Series 2008C
|
| Maturities | Type | Coupon | Yield | Price
|
| 2009 | Serial | 4% | 2.65% | 102.088
|
| 2010 | Serial | 4.5% | 2.99% | 103.736
|
| 2011 | Serial | 4% | 3.34% | 102.213
|
| 2012 | Serial | 4% | 3.59% | 101.718
|
|
|
| Series 2008D
|
| Maturities | Type | Coupon | Price
|
| 2022 | Term | 5% | 103.933
|
| 2024 | Term | 5% | 102.546
|
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