Published on 7/1/2015 in the Prospect News Municipals Daily.
New Issue: Tallahassee, Fla., sells $94.62 million of energy system refunding bonds
By Sheri Kasprzak
New York, July 1 – The City of Tallahassee, Fla., sold $94,615,000 of series 2015 energy system refunding revenue bonds, according to a pricing sheet.
The bonds (Aa3/AA/) were sold through senior manager RBC Capital Markets LLC.
The bonds are due 2016 to 2032 with 3% to 5% coupons and 0.57% to 3.22% yields.
Proceeds will be used to refund the city’s series 2005 energy system bonds.
Issuer: | City of Tallahassee, Fla.
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Issue: | Series 2015 energy system refunding revenue bonds
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Amount: | $94,615,000
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Type: | Negotiated
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Underwriters: | RBC Capital Markets LLC (lead), J.P. Morgan Securities LLC and Loop Capital Markets LLC (co-managers)
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Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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Pricing date: | July 1
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Settlement date: | Aug. 11
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Amount | Maturity | Type | Coupon | Price | Yield
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$3,275,000 | 2016 | Serial | 3% | 102.754 | 0.57%
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$4.02 million | 2017 | Serial | 4% | 106.529 | 0.91%
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$4.18 million | 2018 | Serial | 5% | 111.768 | 1.17%
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$4.39 million | 2019 | Serial | 5% | 114.339 | 1.42%
|
$4.61 million | 2020 | Serial | 5% | 116.117 | 1.71%
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$4.84 million | 2021 | Serial | 5% | 117.373 | 1.98%
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$5.08 million | 2022 | Serial | 5% | 118.04 | 2.25%
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$5,335,000 | 2023 | Serial | 5% | 119.034 | 2.41%
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$5.6 million | 2024 | Serial | 5% | 118.062 | 2.53%
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$5.88 million | 2025 | Serial | 5% | 117.179 | 2.64%
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$6.17 million | 2026 | Serial | 5% | 116.383 | 2.74%
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$6,485,000 | 2027 | Serial | 5% | 115.515 | 2.85%
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$6,805,000 | 2028 | Serial | 5% | 114.811 | 2.94%
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$7,145,000 | 2029 | Serial | 5% | 114.266 | 3.01%
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$7.5 million | 2030 | Serial | 5% | 113.648 | 3.09%
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$7.88 million | 2031 | Serial | 5% | 113.11 | 3.16%
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$5.42 million | 2032 | Serial | 5% | 112.651 | 3.22%
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