Published on 8/10/2011 in the Prospect News Municipals Daily.
New Issue: Lee County, Fla., sells $174.45 million airport revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 10 - Lee County, Fla., priced $174.45 million of series 2011A airport revenue refunding bonds, according to a pricing sheet.
The bonds (A2/A-/A) were sold through Citigroup Global Markets Inc. with Raymond James & Associates Inc. as the co-manager.
The bonds are due 2013 to 2028 with a term bond due in 2032. The serial coupons range from 3% to 5.625%. The 2032 bonds have a split maturity with a 5.375% coupon priced at 99.309 and a 5.375% coupon priced at 98.079.
Proceeds will be used to refund all or a portion of the county's outstanding series 2000A airport revenue bonds.
| Issuer: | Lee County, Fla.
|
| Issue: | Series 2011A airport revenue refunding bonds
|
| Amount: | $174.45 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Raymond James & Associates Inc. (co-manager)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $190,000 | 2013 | Serial | 4% | 103.69
|
| $200,000 | 2014 | Serial | 4% | 104.608
|
| $205,000 | 2015 | Serial | 4% | 105.035
|
| $215,000 | 2016 | Serial | 3% | 99.951
|
| $220,000 | 2017 | Serial | 3.25% | 99.451
|
| $225,000 | 2018 | Serial | 3.5% | 98.699
|
| $235,000 | 2019 | Serial | 4% | 99.86
|
| $245,000 | 2020 | Serial | 4% | 97.907
|
| $255,000 | 2021 | Serial | 4.25% | 98.545
|
| $265,000 | 2022 | Serial | 4.5% | 98.793
|
| $14.305 million | 2023 | Serial | 5.5% | 105.649
|
| $15.095 million | 2024 | Serial | 5.5% | 104.52
|
| $15.925 million | 2025 | Serial | 5.625% | 104.533
|
| $16.825 million | 2026 | Serial | 5.625% | 103.819
|
| $17.765 million | 2027 | Serial | 5% | 98.475
|
| $18.655 million | 2028 | Serial | 5% | 97.749
|
| $15 million | 2032 | Term | 5.375% | 99.309
|
| $58.625 million | 2032 | Term | 5.375% | 98.079
|
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