Published on 7/17/2013 in the Prospect News Municipals Daily.
New Issue: Lee County, Fla., sells $93.2 million of water and sewer revenue bonds
By Sheri Kasprzak
New York, July 17 - Lee County, Fla., priced $93,195,000 of series 2013 water and sewer revenue bonds, according to a pricing sheet.
The deal included $53,755,000 of series 2013A revenue bonds and $39.44 million of series 2013B refunding bonds.
The 2013A bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5% with 0.45% to 4.41% yields. The 2038 bonds have a 5% coupon priced at 103.377 to yield 4.58%. The 2043 bonds have a 5% coupon priced at 102.559 to yield 4.68%.
The 2013B bonds are due 2014 to 2027 with 2% to 5% coupons and 0.45% to 3.92% yields.
The bonds (Aa3/AA+/AA) were sold through Citigroup Global Markets Inc.
Proceeds will be used to finance capital improvements to the county's water and sewer systems, as well as to refund the county's series 2003A revenue bonds.
| Issuer: | Lee County, Fla.
|
| Issue: | Series 2013 water and sewer revenue bonds
|
| Amount: | $93,195,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | July 17
|
| Settlement date: | July 31
|
|
|
| $53,755,000 series 2013A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $480,000 | 2014 | Serial | 2% | 101.801 | 0.45%
|
| $920,000 | 2015 | Serial | 3% | 104.892 | 0.72%
|
| $945,000 | 2016 | Serial | 4% | 108.967 | 1.11%
|
| $985,000 | 2017 | Serial | 4% | 110.187 | 1.47%
|
| $1,025,000 | 2018 | Serial | 4% | 110.441 | 1.87%
|
| $1,065,000 | 2019 | Serial | 5% | 116.123 | 2.19%
|
| $1.12 million | 2020 | Serial | 5% | 116.164 | 2.52%
|
| $1,175,000 | 2021 | Serial | 5% | 115.641 | 2.84%
|
| $1,235,000 | 2022 | Serial | 5% | 114.626 | 3.15%
|
| $1,295,000 | 2023 | Serial | 5% | 114.298 | 3.33%
|
| $1.36 million | 2024 | Serial | 5% | 112.643 | 3.51%
|
| $1.43 million | 2025 | Serial | 5% | 111.285 | 3.66%
|
| $1.5 million | 2026 | Serial | 5% | 110.036 | 3.80%
|
| $1,575,000 | 2027 | Serial | 4% | 99.567 | 4.04%
|
| $1,635,000 | 2028 | Serial | 4% | 98.651 | 4.12%
|
| $1,705,000 | 2029 | Serial | 4.125% | 98.429 | 4.26%
|
| $1,775,000 | 2030 | Serial | 4.25% | 98.556 | 4.37%
|
| $1.85 million | 2031 | Serial | 4.25% | 98.254 | 4.39%
|
| $1,925,000 | 2032 | Serial | 5% | 105.121 | 4.37%
|
| $2,025,000 | 2033 | Serial | 5% | 104.786 | 4.41%
|
| $11,745,000 | 2038 | Term | 5% | 103.377 | 4.58%
|
| $14,985,000 | 2043 | Term | 5% | 102.559 | 4.68%
|
|
|
| $39.44 million series 2013B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.77 million | 2014 | Serial | 2% | 101.801 | 0.45%
|
| $2.13 million | 2015 | Serial | 5% | 109.183 | 0.72%
|
| $2,235,000 | 2016 | Serial | 5% | 112.069 | 1.11%
|
| $2,345,000 | 2017 | Serial | 5% | 114.214 | 1.47%
|
| $2.46 million | 2018 | Serial | 5% | 115.344 | 1.87%
|
| $2.58 million | 2019 | Serial | 5% | 116.123 | 2.19%
|
| $2,715,000 | 2020 | Serial | 5% | 116.164 | 2.52%
|
| $2,845,000 | 2021 | Serial | 5% | 115.641 | 2.84%
|
| $2,995,000 | 2022 | Serial | 5% | 114.626 | 3.15%
|
| $3.14 million | 2023 | Serial | 5% | 114.298 | 3.33%
|
| $3.3 million | 2024 | Serial | 5% | 112.643 | 3.51%
|
| $3,465,000 | 2025 | Serial | 5% | 111.285 | 3.66%
|
| $3.64 million | 2026 | Serial | 5% | 110.036 | 3.80%
|
| $3.82 million | 2027 | Serial | 5% | 108.979 | 3.92%
|
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