New Issue: Village Center Community Development, Fla., prices $70.3 million bonds

By Sheri Kasprzak

New York, Sept. 29 – The Village Center Community Development District of Florida priced $70.3 million of series 2014B taxable utility revenue refunding bonds for the Little Sumter Service Area System, according to a term sheet. The bonds (/A/A+) were issued under Rule 144A.

The bonds were offered through dealer Citigroup Global Markets Inc. and are due 2015 to 2019 with term bonds due in 2024, 2029 and 2036. The serial coupons range from 1.303% to 3.088% all priced at par. The 2024 bonds have a 4.156% coupon, the 2029 bonds have a 4.756% coupon and the 2036 bonds have a 5.015% coupon all priced at par.

Proceeds will be used to refund the district’s series 2003A utility revenue bonds.

The district was formed as an independent local unit of special-purpose government under the Uniform Community Development District Act of 1980 to manage and finance basic community development services.

Issuer:	Village Center Community Development District/Little Sumter Service Area System
Issue:	Series 2014B taxable utility revenue refunding bonds
Amount:	$70.3 million
Type:	Negotiated
Dealer:	Citigroup Global Markets Inc.
Distribution:	Rule 144A
Ratings:	Standard & Poor’s: A
	Fitch: A+
Pricing date:	Sept. 25
Settlement date:	Oct. 1
Amount	Maturity	Type	Coupon	Price
$2,145,000	2015	Serial	1.303%	100
$2.17 million	2016	Serial	1.603%	100
$2,205,000	2017	Serial	2.262%	100
$2,255,000	2018	Serial	2.788%	100
$2.32 million	2019	Serial	3.088%	100
$12.99 million	2024	Term	4.156%	100
$16,115,000	2029	Term	4.756%	100
$30.1 million	2036	Term	5.015%	100

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