Published on 11/20/2014 in the Prospect News Municipals Daily.
New Issue: Cleveland-Cuyahoga County Port, Ohio, sells $97.72 million revenue debt
By Sheri Kasprzak
New York, Nov. 20 – The Cleveland-Cuyahoga County Port Authority sold $97,715,000 of series 2014 development revenue bonds for the Euclid Avenue Development Corp., according to a pricing sheet. The deal was upsized from $89,435,000.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 1% to 5%. The 2039 bonds have a 5% coupon priced at 108.766, and the 2044 bonds have a 5% coupon priced at 105.934.
The bonds (/A-/) were sold through Barclays.
Proceeds will be used to finance a loan to the Euclid Avenue Development Corp. to refund its series 2005, 2008 and 2009A-B revenue bonds
| Issuer: | Cleveland-Cuyahoga County Port Authority/Euclid Avenue Development Corp.
|
| Issue: | Series 2014 development revenue bonds
|
| Amount: | $97,715,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), PNC Capital Markets LLC, RBC Capital Markets LLC and Blaylock Beal Van LLC (co-managers)
|
| Rating: | Standard & Poor’s: A-
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,445,000 | 2015 | Serial | 1% | 100.514
|
| $1,495,000 | 2016 | Serial | 5% | 107.102
|
| $1,555,000 | 2017 | Serial | 5% | 110.384
|
| $1.63 million | 2018 | Serial | 5% | 113.05
|
| $1.71 million | 2019 | Serial | 5% | 114.964
|
| $1.8 million | 2020 | Serial | 5% | 115.761
|
| $1.89 million | 2021 | Serial | 5% | 116.01
|
| $1.99 million | 2022 | Serial | 5% | 116.161
|
| $2.09 million | 2023 | Serial | 5% | 116.45
|
| $2.2 million | 2024 | Serial | 5% | 117.186
|
| $2.31 million | 2025 | Serial | 5% | 115.82
|
| $2.43 million | 2026 | Serial | 5% | 113.586
|
| $2,555,000 | 2027 | Serial | 5% | 113.586
|
| $2,685,000 | 2028 | Serial | 5% | 122.271
|
| $2,825,000 | 2029 | Serial | 5% | 111.663
|
| $2.97 million | 2030 | Serial | 5% | 111.663
|
| $3.12 million | 2031 | Serial | 5% | 111.231
|
| $3.28 million | 2032 | Serial | 5% | 110.802
|
| $3.45 million | 2033 | Serial | 5% | 117.245
|
| $3,625,000 | 2034 | Serial | 5% | 109.948
|
| $31.11 million | 2039 | Term | 5% | 108.766
|
| $19.55 million | 2044 | Term | 5% | 105.934
|
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