Published on 3/18/2010 in the Prospect News Municipals Daily.
New Issue: Orlando-Orange County Expressway Authority, Fla., prices $350 million in revenue bonds
By Sheri Kasprzak
New York, March 18 - The Orlando-Orange County Expressway Authority of Florida brought $350 million in series 2010A revenue bonds, according to a term sheet.
The bonds (A1/A/A) were sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager. The co-managers were Bank of America Merrill Lynch, Citigroup Global Markets Inc., Loop Capital Markets LLC, Raymond James & Associates Inc., Barclays Capital Inc., Goldman, Sachs & Co., Morgan Stanley & Co. Inc., RBC Capital Markets Corp., and Wells Fargo Securities Inc.
The bonds are due 2025 to 2030 with term bonds due in 2035 and 2040. Coupons range from 4.125% to 5%.
Proceeds will be used to fund construction projects in the authority's five-year plan.
The authority is based in Orlando, and is responsible for funding the construction, maintenance and operation of all toll roads in Orange County, Fla.
| Issuer: | Orlando-Orange County Expressway Authority
|
| Issue: | Series 2010A revenue bonds
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); Bank of America Merrill Lynch, Citigroup Global Markets Inc., Loop Capital Markets LLC, Raymond James & Associates Inc., Barclays Capital Inc., Goldman, Sachs & Co., Morgan Stanley & Co. Inc., RBC Capital Markets Corp., and Wells Fargo Securities Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A
|
| Pricing date: | March 18
|
|
|
| Maturity | Type | Coupon
|
| 2025 | Serial | 4.125%
|
| 2025 | Serial | 5%
|
| 2026 | Serial | 5%
|
| 2027 | Serial | 4.375%
|
| 2027 | Serial | 5%
|
| 2028 | Serial | 5%
|
| 2029 | Serial | 4.5%
|
| 2029 | Serial | 5%
|
| 2030 | Serial | 5%
|
| 2035 | Term | 5%
|
| 2040 | Term | 5%
|
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