Published on 3/27/2014 in the Prospect News Municipals Daily.
New Issue: Osceola County, Fla., prices $97.95 million of expressway system bonds
By Sheri Kasprzak
New York, March 27 - Osceola County, Fla., sold $97,948,000 of series 2014 expressway system revenue bonds, according to a pricing sheet. The deal was upsized from $73,391,888.
The deal included $34,765,000 of series 2014A Poinciana Parkway project expressway system senior-lien revenue bonds, $10.85 million of series 2014B-1 Poinciana Parkway project expressway system senior-lien convertible capital appreciation bonds and $52,333,000 of series 2014B-2 Poinciana Parkway project expressway system senior-lien convertible capital appreciation bonds.
The 2014A bonds are due Oct. 1, 2047 and have a 5.375% coupon priced at 98.697.
The 2014B-1 bonds are due 2019 to 2024 with 0% coupons.
The 2014B-2 bonds are due 2025 to 2033 with term bonds due in 2036, 2039 and 2042. The serial bonds have 0% coupons. The 2036 bonds have a 0% coupon priced at 53.843 and the 2039 bonds have a 0% coupon priced at 53.028. The 2042 bonds have a 0% coupon priced at 52.492.
J.P. Morgan Securities LLC was the senior manager for the bonds (/BBB-/).
Proceeds will be used to finance expressway system improvements.
| Issuer: | Osceola County, Fla.
|
| Issue: | Series 2014 expressway system revenue bonds
|
| Amount: | $97,948,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), PNC Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Rating: | Standard & Poor's: BBB-
|
| Pricing date: | March 27
|
| Settlement date: | April 11
|
|
|
| $34,765,000 series 2014A Poinciana Parkway project expressway system senior-lien revenue bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2047 | Term | 5.375% | 98.697
|
|
|
| $10.85 million series 2014B-1 Poinciana Parkway project expressway system senior-lien convertible capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $785,000 | 2019 | Serial | 0% | 83.331
|
| $1.24 million | 2020 | Serial | 0% | 77.93
|
| $1.69 million | 2021 | Serial | 0% | 73.194
|
| $2,015,000 | 2022 | Serial | 0% | 68.419
|
| $2.37 million | 2023 | Serial | 0% | 64.341
|
| $2.75 million | 2024 | Serial | 0% | 60.356
|
|
|
| $52,333,000 series 2014B-2 Poinciana Parkway project expressway system senior-lien convertible capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,000 | 2025 | Serial | 0% | 59.62
|
| $343,000 | 2026 | Serial | 0% | 58.713
|
| $305,000 | 2027 | Serial | 0% | 57.821
|
| $725,000 | 2028 | Serial | 0% | 57.235
|
| $1.19 million | 2029 | Serial | 0% | 56.366
|
| $1,635,000 | 2030 | Serial | 0% | 55.795
|
| $2,135,000 | 2031 | Serial | 0% | 55.23
|
| $2.71 million | 2032 | Serial | 0% | 54.949
|
| $3,345,000 | 2033 | Serial | 0% | 54.393
|
| $11,035,000 | 2036 | Term | 0% | 53.843
|
| $13,145,000 | 2039 | Term | 0% | 53.028
|
| $15.75 million | 2042 | Term | 0% | 52.492
|
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