Published on 10/15/2010 in the Prospect News Municipals Daily.
New Issue: Polk County, Fla., prices $84.745 million of refunding revenue bonds
By Sheri Kasprzak
New York, Oct. 15 - Polk County in Florida sold $84.745 million of series 2010 refunding revenue bonds (Aa3/AAA/) on Thursday, said a pricing sheet.
The deal included $31.71 million of series 2010 transportation improvement refunding revenue bonds and $53.035 million of series 2010 capital improvement refunding bonds.
The senior manager for the transportation bonds was Bank of America Merrill Lynch, and the lead for the capital improvement bonds was Citigroup Global Markets Inc. The co-managers for the transportation bonds were Citigroup, Fifth Third Securities Inc. and Raymond James & Associates Inc. The co-managers for the capital improvement bonds were Bank of America Merrill Lynch, Edward D. Jones & Co. LP and Raymond James & Associates Inc.
The transportation bonds are due 2011 to 2026 with 3% to 5% coupons. The capital improvement bonds are due 2011 to 2029 with coupons from 2.5% to 5%.
Proceeds will be used to refund existing debt used for transportation and capital improvement projects.
| Issuer: | Polk County, Fla.
|
| Issue: | Series 2010 revenue refunding bonds
|
| Amount: | $84.745 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead for 2010 transportation improvement bonds), Citigroup Global Markets Inc. (lead for 2010 capital improvement bonds), Citigroup, Fifth Third Securities Inc. and Raymond James & Associates Inc. (co-managers for transportation bonds), Bank of America Merrill Lynch, Edward D. Jones & Co. LP and Raymond James & Associates Inc. (co-managers for capital improvement bonds)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AAA
|
| Pricing date: | Oct. 14
|
| Settlement date: | Nov. 4
|
|
|
| $31.71 million series 2010 transportation improvement refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.435 million | 2011 | Serial | 3% | 102.208
|
| $1.57 million | 2012 | Serial | 3% | 103.656
|
| $1.62 million | 2013 | Serial | 3% | 104.429
|
| $1.665 million | 2014 | Serial | 3% | 104.453
|
| $1.715 million | 2015 | Serial | 3% | 104.016
|
| $600,000 | 2016 | Serial | 3% | 102.914
|
| $1.17 million | 2017 | Serial | 5% | 114.128
|
| $550,000 | 2017 | Serial | 3% | 101.789
|
| $1.295 million | 2017 | Serial | 5% | 114.581
|
| $1.925 million | 2018 | Serial | 5% | 114.709
|
| $555,000 | 2019 | Serial | 3% | 98.822
|
| $1.47 million | 2019 | Serial | 5% | 114.501
|
| $100,000 | 2020 | Serial | 4% | 105.429
|
| $2.01 million | 2020 | Serial | 5% | 113.916
|
| $2.215 million | 2021 | Serial | 3.25% | 96.735
|
| $2.29 million | 2022 | Serial | 3.5% | 97.587
|
| $2.37 million | 2023 | Serial | 3.625% | 97.703
|
| $2.455million | 2024 | Serial | 5% | 111.48
|
| $2.58 million | 2025 | Serial | 3.75% | 97.077
|
| $2.675 million | 2026 | Serial | 4% | 98.944
|
|
|
| $53.035 million Series 2010 capital improvement refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.745 million | 2011 | Serial | 2.5% | 101.675
|
| $1.955 million | 2012 | Serial | 3% | 103.656
|
| $2.015 million | 2013 | Serial | 3% | 104.429
|
| $425,000 | 2014 | Serial | 3% | 104.453
|
| $1.65 million | 2014 | Serial | 4% | 108.359
|
| $2.155 million | 2015 | Serial | 4% | 108.798
|
| $2.24 million | 2016 | Serial | 5% | 114.128
|
| $2.355 million | 2017 | Serial | 5% | 114.581
|
| $1.085 million | 2018 | Serial | 4% | 107.568
|
| $1.385 million | 2018 | Serial | 5% | 114.709
|
| $1.025 million | 2019 | Serial | 3% | 98.822
|
| $1.56 million | 2019 | Serial | 5% | 114.501
|
| $2.69 million | 2020 | Serial | 5% | 113.916
|
| $2.825 million | 2021 | Serial | 5% | 111.65
|
| $2.97 million | 2022 | Serial | 5% | 110.405
|
| $3.115 million | 2023 | Serial | 5% | 109.525
|
| $3.27 million | 2024 | Serial | 5% | 108.828
|
| $3.435 million | 2025 | Serial | 3.75% | 97.077
|
| $3.565 million | 2026 | Serial | 4% | 98.944
|
| $3.705 million | 2027 | Serial | 4% | 97.935
|
| $3.855 million | 2028 | Serial | 4% | 96.865
|
| $4.01 million | 2029 | Serial | 4.125% | 97.353
|
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