By Sheri Kasprzak
New York, Feb. 23 – The Florida State Board of Administration Finance Corp. sold $1.2 billion of series 2016A revenue bonds, said a pricing sheet.
The deal included $550 million of bonds due in 2019 and $650 million of bonds due in 2021. The 2019 bonds have a 2.163% coupon and the 2021 bonds a 2.638% coupon. Both priced at par.
The bonds (Aa3/AA/AA) were sold through senior manager J.P. Morgan Securities LLC.
Proceeds will be used to provide cash to the Florida Hurricane Catastrophe Fund for insurance claims and to refund existing bonds.
| Issuer: | Florida State Board of Administration Finance Corp.
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| Issue: | Series 2016A revenue bonds
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| Amount: | $1.2 billion
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| Type: | Negotiated
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| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA
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| Fitch: AA
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| Pricing date: | Feb. 23
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| Settlement date: | March 8
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $550 million | 2019 | Term | 2.163% | 100 | 2.163%
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| $650 million | 2021 | Term | 2.638% | 100 | 2.638%
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