By Sheri Kasprzak
New York, Sept. 29 – The Village Center Community Development District of Florida priced $172,425,000 of series 2014 taxable recreational revenue refunding bonds through Rule 144A, according to a term sheet.
The bonds (/A/) were offered through dealer Citigroup Global Markets Inc.
The bonds are due 2015 to 2019 with term bonds due in 2024, 2029 and 2036. The serial coupons range from 1.303% to 3.088% all priced at par. The 2024 bonds have a 4.156% coupon, the 2029 bonds have a 4.756% coupon and the 2036 bonds have a 5.015% coupon all priced at par.
Proceeds will be used to refund the district’s series 1998A-C, 1999A, 2001A, 2003A-B and 2004A-B revenue bonds, which were issued to acquire facilities for the Villages senior living community in Lake County, Fla.
The district was formed as an independent local unit of special-purpose government under the Uniform Community Development District Act of 1980 to manage and finance basic community development services.
| Issuer: | Village Center Community Development District
|
| Issue: | Series 2014 taxable recreational revenue refunding bonds
|
| Amount: | $172,425,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Distribution: | Rule 144A
|
| Rating: | Standard & Poor’s: A
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,415,000 | 2015 | Serial | 1.303% | 100
|
| $8,485,000 | 2016 | Serial | 1.603% | 100
|
| $8.63 million | 2017 | Serial | 2.262% | 100
|
| $8.83 million | 2018 | Serial | 2.788% | 100
|
| $6.61 million | 2019 | Serial | 3.088% | 100
|
| $31.48 million | 2024 | Term | 4.156% | 100
|
| $34,505,000 | 2029 | Term | 4.756% | 100
|
| $65.47 million | 2036 | Term | 5.015% | 100
|
|
|
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