Published on 3/9/2011 in the Prospect News Municipals Daily.
New Issue: Puerto Rico sells upsized $442.13 million of public improvement refunding bonds
By Sheri Kasprzak
New York, March 9 - The Commonwealth of Puerto Rico priced $442.13 million of series 2011C public improvement refunding bonds on Wednesday, said a pricing sheet. The offering was upsized from $250 million.
The bonds (A3/BBB/BBB+) were sold through senior managers Morgan Stanley & Co. Inc. and Barclays Capital Inc. The co-managers were BMO Capital Markets Corp., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., UBS Financial Services Inc. of Puerto Rico, Wells Fargo Securities LLC, BBVAPR MSD, First Bank Puerto Rico Securities, Popular Securities, Santander Securities and VAB Financial.
The bonds are due 2026 to 2028, 2032, 2035 to 2037 and 2040. The coupons range from 5.25% to 6.5%.
Proceeds will be used to refund existing debt.
| Issuer: | Commonwealth of Puerto Rico
|
| Issue: | Series 2011C public improvement refunding bonds
|
| Amount: | $442.13 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and Barclays Capital Inc. (lead); BMO Capital Markets Corp., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Ramirez & Co. Inc., Raymond James & Associates Inc., RBC Capital Markets Corp., UBS Financial Services Inc. of Puerto Rico, Wells Fargo Securities LLC, BBVAPR MSD, First Bank Puerto Rico Securities, Popular Securities, Santander Securities and VAB Financial (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Pricing date: | March 9
|
| Settlement date: | March 17
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $16.435 million | 2026 | Serial | 5.25% | 98.648
|
| $17.865 million | 2027 | Serial | 5.25% | 98.379
|
| $10.7 million | 2028 | Serial | 5.375% | 98.717
|
| $5 million | 2032 | Term | 5.75% | 97.006
|
| $15 million | 2032 | Term | 6% | 100
|
| $20 million | 2032 | Term | 5.5% | 96.943
|
| $35 million | 2035 | Serial | 6% | 97.495
|
| $127.13 million | 2036 | Serial | 5.75% | 93.676
|
| $40 million | 2036 | Serial | 6% | 100
|
| $105 million | 2037 | Serial | 5.75% | 96.703
|
| $50 million | 2040 | Term | 6.5% | 101.864
|
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