Published on 5/7/2015 in the Prospect News Municipals Daily.
New Issue: Okaloosa County, Fla., sells $67.59 million water, sewer revenue bonds
By Sheri Kasprzak
New York, May 7 – Okaloosa County, Fla., sold $67,595,000 of series 2015 water and sewer revenue refunding bonds, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through Crews & Associates Inc. and RBC Capital Markets LLC.
The bonds are due 2015 to 2031 with term bonds due in 2035 and 2036. The serial coupons range from 2% to 5% with yields from 0.25% to 3.2%. The 2035 bonds have a 5% coupon priced at 114.511 to yield 3.3%, and the 2036 bonds have a 3.75% coupon priced at 97.15 to yield 3.95%.
Proceeds will be used to construct, acquire and extend the county’s water and sewer systems, as well as to refund the county’s series 2004, 2006 and 2012 water and sewer bonds.
| Issuer: | Okaloosa County, Fla.
|
| Issue: | Series 2015 water and sewer revenue refunding bonds
|
| Amount: | $67,595,000
|
| Type: | Negotiated
|
| Underwriters: | Crews & Associates Inc. and RBC Capital Markets LLC (lead)
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | May 1
|
| Settlement date: | May 21
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $760,000 | 2015 | Serial | 2% | 100.194 | 0.25%
|
| $1.75 million | 2016 | Serial | 2% | 101.659 | 0.50%
|
| $2,705,000 | 2017 | Serial | 3% | 104.595 | 0.80%
|
| $2,785,000 | 2018 | Serial | 4% | 108.524 | 1.20%
|
| $2.9 million | 2019 | Serial | 5% | 113.859 | 1.51%
|
| $3,035,000 | 2020 | Serial | 5% | 116.087 | 1.70%
|
| $3.19 million | 2021 | Serial | 5% | 117.488 | 1.95%
|
| $3,355,000 | 2022 | Serial | 5% | 118.625 | 2.16%
|
| $3,515,000 | 2023 | Serial | 5% | 119.382 | 2.36%
|
| $3.69 million | 2024 | Serial | 5% | 120.074 | 2.52%
|
| $3.88 million | 2025 | Serial | 5% | 120.82 | 2.64%
|
| $4,075,000 | 2026 | Serial | 5% | 119.059 | 2.82%
|
| $2.54 million | 2027 | Serial | 5% | 117.998 | 2.93%
|
| $2,665,000 | 2028 | Serial | 5% | 117.233 | 3.01%
|
| $2,805,000 | 2029 | Serial | 5% | 116.664 | 3.07%
|
| $2.94 million | 2030 | Serial | 5% | 116.003 | 3.14%
|
| $3.09 million | 2031 | Serial | 5% | 115.441 | 3.20%
|
| $13,975,000 | 2035 | Term | 5% | 114.511 | 3.30%
|
| $3.94 million | 2036 | Term | 3.75% | 97.15 | 3.95%
|
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