Published on 3/11/2015 in the Prospect News Municipals Daily.
New Issue: Miami-Dade County IDA, Fla., sells $55.64 million NCCD-Biscayne bonds
By Sheri Kasprzak
New York, March 11 – The Miami-Dade County Industrial Development Authority sold $55,635,000 of series 2015 industrial development revenue bonds for the NCCD-Biscayne Properties LLC, according to a pricing sheet.
The bonds (Baa3) were sold through Raymond James/Morgan Keegan.
The offering included $55,525,000 of series 2015A bonds and $110,000 of series 2015B taxable bonds.
The 2015A bonds are due 2017 to 2025 with term bonds due in 2030, 2035, 2040 and 2048. The serial coupons range from 3% to 5% with yields from 1.59% to 3.79%. The 2030 bonds have a 5% coupon priced at 106.91 to yield 4.16%. The 2035 bonds have a 5% coupon priced at 105.044 to yield 4.38% and the 2040 bonds have a 5% coupon priced at 104.209 to yield 4.48%. The 2048 bonds have a 5% coupon priced at 103.629 to yield 4.55%.
The 2015B bonds are due June 1, 2017 and have a 3% coupon priced at par.
Proceeds will be used to construct, equip, furnish and acquire student housing and a parking facility at the Biscayne Bay, Fla., campus of Florida International University.
Issuer: | Miami-Dade County Industrial Development Authority/NCCD-Biscayne Properties LLC
|
Issue: | Series 2015 industrial development revenue bonds
|
Amount: | $55,635,000
|
Type: | Negotiated
|
Underwriter: | Raymond James/Morgan Keegan
|
Rating: | Moody’s: Baa3
|
Pricing date: | March 11
|
Settlement date: | March 24
|
|
$55,525,000 series 2015A bonds
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$100,000 | 2017 | Serial | 3% | 103.016 | 1.59%
|
$485,000 | 2018 | Serial | 3% | 103.07 | 2.00%
|
$595,000 | 2019 | Serial | 3% | 102.293 | 2.42%
|
$710,000 | 2020 | Serial | 4% | 106.149 | 2.72%
|
$840,000 | 2021 | Serial | 4.5% | 108.466 | 2.99%
|
$985,000 | 2022 | Serial | 5% | 111.062 | 3.26%
|
$1,035,000 | 2023 | Serial | 4% | 103.6 | 3.49%
|
$1,075,000 | 2024 | Serial | 4% | 102.706 | 3.65%
|
$1,115,000 | 2025 | Serial | 5% | 110.14 | 3.79%
|
$6,485,000 | 2030 | Term | 5% | 106.91 | 4.16%
|
$8.27 million | 2035 | Term | 5% | 105.044 | 4.38%
|
$10.55 million | 2040 | Term | 5% | 104.209 | 4.48%
|
$23.28 million | 2048 | Term | 5% | 103.629 | 4.55%
|
|
$110,000 series 2015B taxable bonds
|
Maturity | Type | Coupon | Price
|
June 1, 2017 | Term | 3% | 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.