Published on 8/11/2011 in the Prospect News Municipals Daily.
New Issue: Puerto Rico Public Buildings Authority sells $303.95 million of bonds
By Sheri Kasprzak
New York, Aug. 11 - The Puerto Rico Public Buildings Authority sold $303.945 million of series S revenue bonds Thursday, said a term sheet.
The bonds were sold through Ramirez & Co. Inc. and RBC Capital Markets LLC. The co-managers were Barclays Capital Inc., BMO Capital Markets Corp., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James & Associates Inc., UBS Financial Services Inc. of Puerto Rico and Wells Fargo Securities LLC.
The bonds are due 2022 to 2034 with term bonds due in 2036, 2039 and 2041. The serial coupons range from 5% to 5.75%. The 2036 bonds have a 5.75% coupon priced at 99.337. The 2039 bonds have a 5.875% coupon priced at 99.502, and the 2041 bonds have a 6% coupon priced at par.
Proceeds will be used to repay the Government Development Bank's lines of credit.
| Issuer: | Puerto Rico Public Buildings Authority
|
| Issue: | Series S revenue bonds
|
| Amount: | $303.945 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. and RBC Capital Markets LLC (lead); Barclays Capital Inc., BMO Capital Markets Corp., Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James & Associates Inc., UBS Financial Services Inc. of Puerto Rico and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $37.5 million | 2022 | Serial | 5.75% | 108.397
|
| $10 million | 2023 | Serial | 5.5% | 104.88
|
| $25.5 million | 2024 | Serial | 5% | 99.059
|
| $1 million | 2025 | Serial | 5.125% | 99.356
|
| $6 million | 2026 | Serial | 5.125% | 98.411
|
| $1 million | 2027 | Serial | 5.25% | 98.722
|
| $1 million | 2028 | Serial | 5.375% | 99.172
|
| $1.5 million | 2029 | Serial | 5.4% | 98.864
|
| $1.5 million | 2030 | Serial | 5.4% | 98.367
|
| $2 million | 2031 | Serial | 5.5% | 99.039
|
| $2 million | 2032 | Serial | 5.5% | 98.529
|
| $2 million | 2033 | Serial | 5.6% | 98.874
|
| $2 million | 2034 | Serial | 5.625% | 98.412
|
| $2 million | 2036 | Term | 5.75% | 99.337
|
| $48 million | 2039 | Term | 5.875% | 99.502
|
| $160.945 million | 2041 | Term | 6% | 100
|
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