Published on 7/23/2015 in the Prospect News Municipals Daily.
New Issue: Lake County, Fla., prices $50.14 million of capital improvement bonds
By Sheri Kasprzak
New York, July 23 – Lake County, Fla., sold $50.14 million of series 2015B capital improvement refunding revenue bonds, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through senior managers Raymond James/Morgan Keegan and Citigroup Global Markets Inc.
The bonds are due 2017 to 2035 with a term bond due in 2037. The serial coupons range from 2% to 5% with 0.84% to 4.08% yields. The 2037 bonds have a 4% coupon priced at 98.562 to yield 4.1%.
Proceeds will be used to refund the county’s series 2007 capital improvement revenue bonds.
| Issuer: | Lake County, Fla.
|
| Issue: | Series 2015B capital improvement refunding revenue bonds
|
| Amount: | $50.14 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Citigroup Global Markets Inc.
|
| Ratings: | Moody’s: Aa3
|
| Fitch: AA-
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 13
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $125,000 | 2017 | Serial | 2% | 102.067 | 0.84%
|
| $125,000 | 2018 | Serial | 2% | 102.223 | 1.19%
|
| $130,000 | 2019 | Serial | 2% | 102.137 | 1.42%
|
| $130,000 | 2020 | Serial | 2% | 101.376 | 1.70%
|
| $135,000 | 2021 | Serial | 2% | 99.889 | 2.02%
|
| $140,000 | 2022 | Serial | 3% | 103.933 | 2.37%
|
| $140,000 | 2023 | Serial | 3% | 103.019 | 2.57%
|
| $145,000 | 2024 | Serial | 3% | 102.097 | 2.73%
|
| $150,000 | 2025 | Serial | 3% | 101.101 | 2.87%
|
| $155,000 | 2026 | Serial | 3% | 98.994 | 3.11%
|
| $3,515,000 | 2027 | Serial | 5% | 115.398 | 3.16%
|
| $3,695,000 | 2028 | Serial | 5% | 114.491 | 3.26%
|
| $3,875,000 | 2029 | Serial | 5% | 113.771 | 3.34%
|
| $4.07 million | 2030 | Serial | 5% | 113.146 | 3.41%
|
| $4,275,000 | 2031 | Serial | 3.75% | 98.007 | 3.92%
|
| $4.43 million | 2032 | Serial | 3.75% | 97.316 | 3.97%
|
| $4.6 million | 2033 | Serial | 4% | 99.742 | 4.02%
|
| $4.78 million | 2034 | Serial | 4% | 99.211 | 4.06%
|
| $4.97 million | 2035 | Serial | 4% | 98.915 | 4.08%
|
| $10,555,000 | 2037 | Term | 4% | 98.562 | 4.10%
|
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