Published on 3/29/2011 in the Prospect News Municipals Daily.
New Issue: Lee County, Fla., sells $80.47 million water and sewer bonds
By Sheri Kasprzak
New York, March 29 - Lee County, Fla., priced $80.465 million of series 2011 water and sewer refunding revenue bonds on Tuesday, according to a term sheet.
The bonds (Aa3/AA/AA-) were sold through J.P. Morgan Securities LLC with RBC Capital Markets LLC and Morgan Stanley & Co. Inc. as the co-managers.
The bonds are due 2012 to 2026 with coupons from 3% to 5.25%.
Proceeds will be used to refund the county's series 1999A water and sewer revenue bonds.
Issuer: | Lee County, Fla.
|
Issue: | Series 2011 water and sewer refunding revenue bonds
|
Amount: | $80.465 million
|
Type: | Negotiated
|
Underwriters: | J.P. Morgan Securities LLC (lead), RBC Capital Markets LLC, Morgan Stanley & Co. Inc. (co-managers)
|
Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA-
|
Pricing date: | March 29
|
Settlement date: | April 13
|
|
Maturity | Type | Coupon | Price
|
2012 | Serial | 3% | 102.934
|
2012 | Serial | 5% | 105.839
|
2013 | Serial | 3% | 103.915
|
2014 | Serial | 3% | 103.946
|
2014 | Serial | 4% | 107.291
|
2015 | Serial | 4% | 107.22
|
2016 | Serial | 4% | 106.617
|
2017 | Serial | 3% | 99.766
|
2017 | Serial | 5% | 111.427
|
2018 | Serial | 3.25% | 99.343
|
2018 | Serial | 5% | 110.819
|
2019 | Serial | 4% | 102.675
|
2020 | Serial | 3.75% | 98.977
|
2020 | Serial | 5% | 108.801
|
2021 | Serial | 4% | 99.66
|
2021 | Serial | 5% | 108.126
|
2022 | Serial | 4.1% | 99.006
|
2022 | Serial | 5.25% | NRO
|
2023 | Serial | 4.25% | 98.854
|
2023 | Serial | 5.25% | NRO
|
2024 | Serial | 4.375% | 98.547
|
2024 | Serial | 5.25% | NRO
|
2025 | Serial | 4.5% | 98.535
|
2025 | Serial | 5.25% | NRO
|
2026 | Serial | 4.625% | 98.532
|
2026 | Serial | 5.25% | NRO
|
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