Published on 12/17/2013 in the Prospect News Municipals Daily.
New Issue: Polk County, Fla., sells $53.63 million utility revenue, refunding debt
By Sheri Kasprzak
New York, Dec. 17 - Polk County, Fla., sold $53.63 million of series 2013 utility system revenue and refunding bonds, according to an official statement.
The bonds (Aa3/A+/AA-) were sold through Raymond James/Morgan Keegan.
The bonds are due 2015 to 2029 with term bonds due in 2038 and 2043. The serial coupons range from 1.75% to 5% with 0.48% to 4.2% yields. The 2038 bonds have a 4.75% coupon priced at 98.418 to yield 4.86%. The 2043 bonds have a 5% coupon priced at 100.294 to yield 4.96%.
Proceeds will be used to finance the acquisition and construction of additions, extensions and improvements to the water distribution and wastewater collection and treatment system and to refund all or a portion of the outstanding series 2004A bonds due on and after Oct. 1, 2015.
| Issuer: | Polk County, Fla.
|
| Issue: | Series 2013 utility system revenue and refunding bonds
|
| Amount: | $53.63 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BofA Merrill Lynch, Citigroup Global Markets Inc. and Fifth Third Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $545,000 | 2015 | Serial | 3% | 104.649 | 0.48%
|
| $570,000 | 2016 | Serial | 1.75% | 102.888 | 0.7%
|
| $575,000 | 2017 | Serial | 3% | 107.174 | 1.06%
|
| $815,000 | 2018 | Serial | 2% | 102.158 | 1.53%
|
| $835,000 | 2019 | Serial | 2.25% | 191.962 | 1.89%
|
| $855,000 | 2020 | Serial | 3% | 103.987 | 2.36%
|
| $880,000 | 2021 | Serial | 3% | 101.808 | 2.74%
|
| $910,000 | 2022 | Serial | 3.5% | 103.597 | 3.03%
|
| $935,000 | 2023 | Serial | 3.375% | 100.786 | 3.28%
|
| $975,000 | 2024 | Serial | 5% | 112.684 | 3.46%
|
| $1.02 million | 2025 | Serial | 5% | 110.930 | 3.66%
|
| $680,000 | 2026 | Serial | 5% | 109.466 | 3.83%
|
| $710,000 | 2027 | Serial | 3.75% | 97.366 | 4%
|
| $735,000 | 2028 | Serial | 4% | 99.113 | 4.08%
|
| $765,000 | 2029 | Serial | 4% | 97.703 | 4.2%
|
| $4,145,000 | 2038 | Term | 4.75% | 98.418 | 4.86%
|
| $37.68 million | 2043 | Term | 5% | 100.294 | 4.96%
|
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