Published on 12/13/2012 in the Prospect News Municipals Daily.
New Issue: Tampa-Hillsborough County Expressway, Fla., prices $448.83 million of revenue bonds
By Sheri Kasprzak
New York, Dec. 13 - The Tampa-Hillsborough County Expressway Authority of Florida sold $448.83 million of series 2012 refunding revenue bonds, according to a pricing sheet.
The deal included $196,585,000 of series 2012A bonds, $141.56 million of series 2012B bonds, $40.6 million of series 2012C taxable bonds and $70,085,000 of series 2012D taxable refunding bonds.
The 2012A bonds are due 2026 to 2032 with a term bond due in 2037. The coupons range from 3% to 5%. The 2037 bonds have a 4% coupon priced to yield 3.7% and a 5% coupon priced to yield 3.37%.
The 2012B bonds are due 2042 and have a 5% coupon to yield 3.45%.
The 2012C bonds are due 2015 to 2021 with 1.32% to 3.04% priced at par.
The 2012D bonds are due 2021 to 2026 with 3.045% to 3.84% coupons, all priced at par.
The bonds (A3/A-/) were sold through Bank of America Merrill Lynch and Raymond James/Morgan Keegan.
Proceeds will be used to finance expressway improvements and refund the authority's series 2002 and 2005 expressway revenue bonds.
| Issuer: | Tampa-Hillsborough County Expressway Authority
|
| Issue: | Series 2012 refunding revenue bonds
|
| Amount: | $448.83 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Raymond James/Morgan Keegan (lead), Citigroup Global Markets Inc., Loop Capital Markets LLC and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody's A3
|
| Standard & Poor's A-
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 20
|
|
|
| $196,585,000 series 2012A bonds
|
| Amount | Maturity | Type | Coupon | Yield/Price
|
| $3.46 million | 2026 | Serial | 3% | 99.01
|
| $14.52 million | 2027 | Serial | 5% | 2.75%
|
| $15,245,000 | 2028 | Serial | 5% | 2.81%
|
| $16.01 million | 2029 | Serial | 4% | 3.20%
|
| $16.65 million | 2030 | Serial | 4% | 3.28%
|
| $17,315,000 | 2031 | Serial | 5% | 3.04%
|
| $18.18 million | 2032 | Serial | 5% | 3.09%
|
| $1.55 million | 2037 | Term | 4% | 3.70%
|
| $93,655,000 | 2037 | Term | 5% | 3.37%
|
|
|
| $141.56 million series 2012B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2042 | Term | 5% | 3.45%
|
|
|
| $40.6 million series 2012C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,005,000 | 2015 | Serial | 1.32% | 100
|
| $3,695,000 | 2016 | Serial | 1.59% | 100
|
| $5,345,000 | 2017 | Serial | 1.79% | 100
|
| $6.97 million | 2018 | Serial | 2.22% | 100
|
| $8.64 million | 2019 | Serial | 2.49% | 100
|
| $10,415,000 | 2020 | Serial | 2.84% | 100
|
| $3.53 million | 2021 | Serial | 3.04% | 100
|
|
|
| $70,085,000 series 2012D taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,295,000 | 2021 | Serial | 3.045% | 100
|
| $12.17 million | 2022 | Serial | 3.19% | 100
|
| $12.57 million | 2023 | Serial | 3.42% | 100
|
| $13,015,000 | 2024 | Serial | 3.59% | 100
|
| $13.49 million | 2025 | Serial | 3.79% | 100
|
| $10,545,000 | 2026 | Serial | 3.84% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
