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Florida Board of Administration to sell $1.2 billion revenue bonds
By Sheri Kasprzak
New York, Feb. 3 – The Florida State Board of Administration Finance Corp. is expected to price $1.2 billion of series 2016A revenue bonds, according to a preliminary official statement.
The bonds (Aa3/AA/AA) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the lead manager. The co-managers are BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The maturities have not been set.
Proceeds will be used to provide cash to the Florida Hurricane Catastrophe Fund for insurance claims and to refund existing bonds.
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