Florida BOE sells $200 million revenue bonds; Florida Municipal Power Agency to sell $562.51 million

By Cristal Cody and Sheri Kasprzak

New York, Aug. 21 - Pricing activity tapered off as the week wound down Thursday, led by a $200 million sale of lottery revenue bonds from the Florida Board of Education.

New issue activity, however, seems to be picking up, with several new offerings announced Thursday, including some fairly large deals out of Florida and California.

In the Florida BOE sale, the board sold lottery revenue bonds with a 4.6389% true interest cost, the issuer told Prospect News.

The series 2008B bonds (A2/AAA/A) priced with 3.5% to 5% coupons to yield 1.825% to 4.94%, said Carol Bagley, bond development supervisor for Florida's bond finance division.

The bonds have serial maturities from 2009 through 2028.

JPMorgan was the winning bidder out of five bids in the competitive sale.

Proceeds will be used to fund the costs of constructing, acquiring or renovating educational facilities in various school districts.

Florida power sale ahead

Moving back to those large offerings on the horizon, the Florida Municipal Power Agency is bringing a $562.51 million sale of series 2008 all-requirements power supply project revenue bonds to the table on Sept. 4, a sellside source said Thursday.

The bonds (//A+) will be sold on a negotiated basis with Merrill Lynch as the senior manager.

The sale includes $492.06 million in series 2008A bonds, which are due from 2010 to 2028 with term bonds due 2033, as well as $70.45 million in series 2008B bonds, due 2010 to 2018.

Proceeds will be used for construction of the Cane Island Unit No. 4 generation project, as well as to refund auction-rate securities.

Los Angeles museum bonds

Also ahead, the Los Angeles County Museum of Art is scheduled to price $385 million in series 2008 refunding revenue bonds on Sept. 10, a sellside source affiliated with the deal told Prospect News Thursday.

The bonds (A2) will be sold on a negotiated basis through the California Statewide Communities Development Authority. Citigroup Global Markets is the senior manager.

The variable-rate bonds will reset at the weekly rate.

Proceeds from the sale will be used to refund the museum's outstanding series 2004A, 2004B, 2004C, 2007A, 2007B, 2007C and 2007D bonds.

York County School District BANs

Coming up a little earlier, the York County School District No. 1 in South Carolina plans a $50 million offering of general obligation bond anticipation notes through a competitive sale on Aug. 28, according to a sale notice released Thursday.

Ross, Sinclaire & Associates is the financial adviser.

The series 2008 bonds will be sold to defray the costs of capital improvements in the school district.

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