Published on 6/25/2012 in the Prospect News Municipals Daily.
New Issue: Puerto Rico prices $410.67 million of commonwealth appropriation bonds
By Sheri Kasprzak
New York, June 25 - The Puerto Rico Public Finance Corp. sold $410,665,000 of series 2012A commonwealth appropriation bonds, according to a pricing sheet.
The bonds (Baa2/BBB-/) were sold through UBS FS Puerto Rico. The co-managers were Bank of America Merrill Lynch, Popular Securities, Santander Securities, Barclays Capital Inc., BBVAPR MSD, Citigroup Global Markets Inc., FirstBank PR Securities, Oriental Financial Services, Ramirez & Co. Inc., Raymond James/Morgan Keegan and Scotia MSD.
The bonds are due 2015 to 2022 with term bonds due in 2026 and 2031. The serial coupons range from 3.1% to 4.75%, all priced at par. The 2026 bonds have a 5.1% coupon priced at par and a 5.35% coupon priced at par.
Proceeds will be used to refund the corporation's series 2001C, 2002A, 2003A-B and 2004B appropriation bonds.
| Issuer: | Puerto Rico Public Finance Corp.
|
| Issue: | Series 2012A commonwealth appropriation bonds
|
| Amount: | $410,665,000
|
| Type: | Negotiated
|
| Underwriters: | UBS FS Puerto Rico (lead), Bank of America Merrill Lynch, Popular Securities, Santander Securities, Barclays Capital Inc., BBVAPR MSD, Citigroup Global Markets Inc., FirstBank PR Securities, Oriental Financial Services, Ramirez & Co. Inc., Raymond James/Morgan Keegan and Scotia MSD (co-managers)
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Pricing date: | June 15
|
| Settlement date: | June 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $36,285,000 | 2015 | Serial | 3.1% | 100
|
| $29,435,000 | 2016 | Serial | 3.45% | 100
|
| $30.45 million | 2017 | Serial | 3.75% | 100
|
| $31.59 million | 2018 | Serial | 4% | 100
|
| $32,855,000 | 2019 | Serial | 4.15% | 100
|
| $34,215,000 | 2020 | Serial | 4.35% | 100
|
| $35,705,000 | 2021 | Serial | 4.55% | 100
|
| $37.33 million | 2022 | Serial | 4.75% | 100
|
| $94.49 million | 2026 | Term | 5.10% | 100
|
| $48.31 million | 2031 | Term | 5.35% | 100
|
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