Municipals Calendar: Florida to price $586.6 million PECO bonds

MARCH 3 WEEK

March 6

BIOLA UNIVERSITY/CALIFORNIA MUNICIPAL FINANCE AUTHORITY: $101.57 million series 2008A and 2008B refunding revenue bonds (Baa1); negotiated; Lehman Brothers (lead); proceeds to refund outstanding series 2002 variable-rate demand bonds and series 2004 taxable variable-rate demand bonds; pricing March 6.

CITY OF BOSTON: $162.715 million general obligation bonds; competitive; series 2008A bonds due from 2009 to 2028 and series 2008B bonds due 2009 to 2019; proceeds to refund outstanding 1998B and 1998C bonds; pricing March 6.

• $126.185 million series 2008A bonds

• $36.53 million series 2008B bonds

FLORIDA: $586.6 million full faith and credit State Board of Education public education capital outlay bonds; competitive (18-hour notice); pricing expected March 6.

MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY/TUFTS UNIVERSITY: $59.775 million revenue bonds (Aa2/AA-); negotiated; Lehman Brothers (lead); proceeds to refund the Massachusetts Development Finance Agency series H revenue bonds; pricing March 6.

MONTGOMERY COUNTY (MARYLAND)/MONTGOMERY COLLEGE: $84.865 million; competitive; pricing March 6.

NORTH TEXAS TOLLWAY AUTHORITY: $2.315 billion revenue refunding bonds (A2/A- for 2008A, B, C and E) (Aaa/AAA for 2008D); negotiated; Bear, Stearns & Co., Citigroup Global Markets and Lehman Brothers (lead); proceeds to refund portions of authority's series 2007 bond appreciation notes, 1997 and 1997A revenue refunding bonds, series 2008C refunding bonds, series 2005A revenue bonds and series 2005B variable-rate revenue bonds; pricing March 6.

• $1.413 billion series 2008A first-tier current interest bonds

• $233.2 million series 2008B first-tier current interest bonds

• $19.115 million series 2008C first-tier taxable current interest bonds

• $150 million series 2008D first-tier insured capital appreciation bonds

• $500 million series 2008E first-tier put bonds

PUBLIC UTILITY DISTRICT NO. 1 OF CHELAN COUNTY (WASHINGTON): $92.88 million series 2008B consolidated system variable-rate revenue bonds (Aa2/AA/AA); Lehman Brothers (remarketing agent); bonds due 2032; proceeds to be held in trust for the $93.75 million outstanding principal of 2007A revenue bonds; pricing March 6.

PUERTO RICO AQUEDUCT & SEWER AUTHORITY: $1.461 billion revenue bonds; negotiated; Citigroup Global Markets (lead); revenue bonds due from 2021 to 2027 with term bonds due 2032 and 2034; revenue refunding bonds due 2017 to 2027 with term bonds due 2032, 2037, 2047 and 2047, as well as capital appreciation bonds due 2012 to 2016; pricing March 6.

• $1.3 billion revenue bonds

• $161 million revenue refunding bonds

March 7

UNIVERSITY OF NORTH CAROLINA SYSTEM: $64.03 million series 2008A public university pool revenue bonds (A1); negotiated; Wachovia Securities (lead); due from 2009 to 2024; proceeds for housing renovations, parking improvements, athletic facilities and dining and student recreation facilities; pricing March 7.

MARCH 10 WEEK

March 11

CALIFORNIA DEPARTMENT OF WATER RESOURCES: $1.025 billion series 2008H fixed-rate power supply revenue bonds (Aa3/A+/A); negotiated; Bear, Stearns & Co. and Merrill Lynch (lead); Banc of America Securities, Blaylock Robert Van, Butler Wick & Co., Cabrera Capital Markets, Citigroup Global Markets, Estrada Hinojosa & Co., Goldman, Sachs & Co., JPMorgan, Loop Capital Markets, Morgan Stanley & Co., NAFA Capital Markets, RBC Capital Markets, Roberts & Ryan Investments, Stone & Youngberg, Sutter Securities (co-managers); structure from 2017 to 2022; proceeds to be deposited in an escrow fund for refunded bonds; pricing March 11.

IDAHO HOUSING FINANCE AUTHORITY: $178 million series 2008A grant and revenue anticipation federal highway trust bonds (Aa3); negotiated; Citigroup (lead); serial maturities from 2008 through 2026; proceeds to fund six highway projects; pricing March 11.

LA PORTE INDEPENDENT SCHOOL DISTRICT (TEXAS): $65 million series 2008 unlimited tax school building bonds (Aa3); negotiated; advisor is RBC Capital Markets; proceeds to finance construction of new education facilities, as well as fleet and technology purchases; pricing March 11.

NEW YORK: $448.025 million general obligation bonds; negotiated; Merrill Lynch (lead); series J bonds due 2009 to 2018 and series K bonds due 2008 to 2029; proceeds to redeem previous bonds.

• $354.155 million tax-exempt subseries J-1

• $81.87 million taxable subseries J-2

• $12 million tax-exempt series K

VIRGINIA BEACH, VA.: $90 million general obligation public improvement bonds (Aa1/AAA/AA+); competitive; serial structure from 2008 to 2027; Government Finance Associates and ARD Government Finance Group are financial advisors; proceeds will be used for public improvement projects; pricing March 11.

WALT DISNEY FAMILY MUSEUM/CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK: $59.1 million series 2008 revenue bonds (A1/AA-); proceeds to renovate facilities for the museum complex; pricing March 11.

March 12

MARYLAND TRANSPORTATION AUTHORITY: $685 million series 2008 transportation facilities projects revenue bonds (Aa3); competitive; proceeds to finance highway projects; pricing March 12.

STATE PUBLIC WORKS BOARD OF THE STATE OF CALIFORNIA: $310.12 million lease revenue bonds for Regents of the University of California (Aa2/AA-/AA-); negotiated; Bear, Stears & Co. and Cabrera Capital Markets (lead); Lehman Brothers, Morgan Keegan, Podesta & Co., Sutter Securities and Wachovia Bank (co-managers); series 2008A bonds due 2009 to 2028 with term bond; 2008B bonds due 2009 to 2028 with term bond; 2008C bonds due 2009 to 2023; proceeds to construct replacement for University of California Irvine Medical Center, seismic improvements to University of California San Francisco Moffitt and Long Hospital and expansion of Natural Sciences Unit 2 at McGaugh Hall; pricing March 12.

• $269.305 million series 2008A

• $26.275 million series 2008B

• $14.54 million series 2008C

WAYNE STATE UNIVERSITY: $190.105 million series 2008 general revenue bonds (Aa3); negotiated; Goldman, Sachs & Co.; Lehman Brothers, Loop Capital Markets and JPMorgan (co-manager); proceeds to refund previously issued debt and finance the cost of swap termination payments; pricing March 12.

March 13

CLARK COUNTY, NEVADA: $200 million highway revenue commercial paper notes (P-1); series 2008A and series 2008B motor vehicle fuel tax notes; negotiated; Citigroup Global Markets (lead for 2008A); UBS Securities (lead for 2008B); pricing March 13.

FRISCO INDEPENDENT SCHOOL DISTRICT: $90 million unlimited tax school building bonds (Aaa/AAA); competitive; due from 2010 to 2040; proceeds to construct, equip and renovate schools; pricing March 13.

SWEETWATER UNION HIGH SCHOOL DISTRICT (CHULA VISTA, CALIF.): $180 million general obligation bonds (A2/A+); negotiated; UBS Securities (lead); Alta Vista Financial (co-manager); fixed-rate bonds; proceeds to construct, repair, equip, acquire and furnish school facilities; pricing March 13.

MARCH 17 WEEK

March 17

BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM: $680 million series 2008B public higher education revenue bonds (Aaa/VMIG1); negotiated; Lehman Brothers and JPMorgan Chase & Co. (lead); rate resets weekly; proceeds to refinance $462 million outstanding certificates of participation, refund $35 million outstanding bonds and fund $182 million in campus improvements; pricing March 17.

March 18

MISSOURI ENVIRONMENTAL IMPROVEMENT AND ENERGY RESOURCES AUTHORITY/ASSOCIATED ELECTRIC COOPERATIVE: $71.55 million (AA/AA); negotiated; Goldman, Sachs & Co. (lead); bonds will price in a term-rate mode; bonds due 2034; proceeds to redeem outstanding principal on series 2007 refunding revenue bonds; pricing March 18.

SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION (CALIFORNIA): $600 million sales tax revenue bonds (Aa2); competitive; proceeds for capital projects; pricing March 18.

• $300 million series 2008A bonds

• $300 million series 2008B bonds

March 20

ECONOMIC DEVELOPMENT AUTHORITY OF ROANOKE COUNTY (VIRGINIA): $58.6 million lease revenue bonds (A1); Assured Guaranty insured; proceeds to construct a recreation facility, library, public works garage and fire station and purchase police radio equipment; pricing March 20.

MARCH 24 WEEK

March 25

ORANGE REGIONAL MEDICAL CENTER (DORMITORY AUTHORITY OF THE STATE OF NEW YORK), MIDDLETOWN, N.Y.: $260 million series 2008 bonds (Ba1); negotiated; Merrill Lynch & Co. (lead), JPMorgan Chase & Co., Morgan Stanley; serial maturities of 30 years; proceeds for construction of 374-bed replacement hospital; pricing March 25.

March 26

NEW HAMPSHIRE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY: $84.4 million revenue bonds (reoffering) (Aaa/AAA); Lehman Brothers (remarketing agent); bonds originally issued for university capital improvements; $24.35 million series 2006A bonds to be remarketed between March 26 and March 25, 2009.

SAN FRANCISCO AIRPORT: $261 million AMT and non-AMT bonds (A1/A); negotiated; Citigroup Global Markets (lead); serials from 2012 to 2022; proceeds to refund existing bonds; pricing March 26.

TAMPA ELECTRIC CO.: $286.8 million; refinancing of tax-exempt auction-rate bonds; pricing March 26.

March 28

NEW HAMPSHIRE HEALTH AND EDUCATIONAL FACILITIES AUTHORITY: $84.4 million revenue bonds (reoffering) (Aaa/AAA); JPMorgan (remarketing agent); bonds originally issued for university capital improvements; $60.05 million in series 2006B-1 bonds will be remarketing from March 28 through March 27, 2009.

MARCH 31 WEEK

April 1

HOWARD HUGHES MEDICAL INSTITUTE (THROUGH MARYLAND ECONOMIC DEVELOPMENT CORP.): $76.5 million refunding bonds series 2008B; negotiated; Lehman Brothers; proceeds to refund existing debt from series 1990 bonds; pricing April 1.

ILLINOIS STATE UNIVERSITY: $21.815 million series 2008 certificates of participation (A2); competitive; proceeds for new student fitness and kinesiology and recreation center, as well as power plant; pricing April 1.

APRIL 7 WEEK

April 10

STATE PUBLIC WORKS BOARD (CALIFORNIA): $58 million bonds; various projects; pricing April 10.

MARCH

INDUSTRIAL DEVELOPMENT BOARD OF MOBILE (Ala.): $246.5 million pollution control revenue bonds (A2/A); remarketing; Morgan Keegan & Co. (lead); mature June 1, 2034; pricing mid-March.

• $86.5 million series 2007-A bonds

• $80 million series 2007-B bonds

• $80 million series 2007-C bonds

NEW JERSEY HEALTH CARE FACILITIES FINANCE AUTHORITY/HACKENSACK UNIVERSITY MEDICAL CENTER: $85 million series 2008 revenue bonds (A3/A-); negotiated; Bear, Stearns & Co. (lead); proceeds for construction of new cancer center and 975-space parking garage; pricing mid-March.

OHIO HOUSING FINANCE AGENCY: $187.575 million residential mortgage revenue bonds; negotiated; George K. Baum (lead); Citigroup Global Markets, Goldman, Sachs & Co., Lehman Brothers, Butler Wick & Co., Fifth Third Securities, KeyBanc Capital Markets, Merrill Lynch, UBS Securities, SBK-Brooks Investment (co-managers); 2008A bonds due 2009 to 2018 with term bonds 2013 and 2018; 2008B bonds due 2039; 2008C bonds due 2040; 2008D bonds due 2018 and 2029; proceeds to finance mortgage loans, refund 1998A-1 residential mortgage revenue bonds and refund outstanding general obligation bonds; pricing in March.

• $37.5 million series 2008A bonds

• $67.5 million series 2008B variable-rate bonds

• $45 million series 2008C variable-rate demand bonds

• $37.575 million series 2008D bonds

TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY: $600 million bonds; pricing expected in March.

UNIVERSITY OF OKLAHOMA HEALTH SCIENCES CENTER: $75 million in tax-exempt and taxable bonds; proceeds for new cancer research center; pricing expected in March or April.

APRIL

HOWARD HUGHES MEDICAL INSTITUTE: $76.5 million series 2008B refunding bonds; negotiated; Lehman Brothers (lead); proceeds to refund existing debt on the headquarters from the institute's 1990 bonds; pricing expected in April.

REGENTS OF THE UNIVERSITY OF CALIFORNIA: $324 million medical center pooled revenue bonds; pricing expected in April.

ON THE HORIZON

BOARD OF GOVERNORS OF WAYNE STATE UNIVERSITY (MICHIGAN): $190.105 million general revenue refunding bonds (Aaa/AAA); negotiated; Goldman, Sachs & Co. (lead); Lehman Brothers, Loop Capital Markets, JPMorgan Securities (co-managers); proceeds to refund bonds and pay swap termination fees.

CHELAN COUNTY PUBLIC UTILITY DISTRICT NO. 1 (WASHINGTON): $92.88 million consolidated system revenue bonds (variable-rate) (Aa2/AA/AA); Lehman Brothers (remarketing agent); bonds due 2032; proceeds held in trust for the $93.75 million in outstanding principal amount of series 2007A revenue bonds.

FAIRFIELD, CONN.: $51.115 million 2008 refunding bonds; negotiated; William Blair (lead); serial structure from 2010 to 2023; proceeds refund city's 2003A and 2003B bonds.

FLORIDA BOARD OF EDUCATION: $315.4 million series 2008A State Board of Education lottery revenue bonds (AA+); competitive; proceeds for school construction and renovation of schools; 18-hour notice.

FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION: $278 million series 2008A Florida forever revenue bonds; competitive; 18-hour notice.

HENNEPIN COUNTY (MINNESOTA): $60 million series 2008A general obligation bonds (Aaa/AAA/AAA); competitive; due from 2008 to 2027; proceeds for capital improvements and library improvement projects; pricing postponed.

HOUSTON INDEPENDENT SCHOOL DISTRICT (Texas): $385.4 million series 2008 limited tax schoolhouse bonds; negotiated; Merrill Lynch & Co. (lead); serial maturities from 2012 through 2033; proceeds to construct, equip and acquire school buildings and sites.

INDUSTRIAL DEVELOPMENT AUTHORITY (PIMA COUNTY, ARIZ.): $195 million lease revenue bonds series 2008 (Aa2); negotiated; Lehman Brothers (lead), Wells Fargo Brokerage Services (co-manager); sold in serial structure from 2010 through 2039; proceeds to acquire 1,038-bed, 139,000 square-feet detention center in Clark County, Nevada.

MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY: $141.235 million series M Boston College Issue revenue bonds (Aa3/AA-); negotiated; Lehman Brothers (lead); due from 2023 to 2028 with term bonds due 2030 and 2035; proceeds for renovations on campus, the construction of administrative building and construction of stairs at a campus building.

NORTHERN MICHIGAN UNIVERSITY: $109.225 million series 2008A general revenue bonds (A2); negotiated; Piper Jaffray (lead); FSA insured; series structure from 2008 to 2024 with term bonds due 2028, 2035 and 2038; proceeds to refund existing bonds and renovate residence halls; pricing postponed.

PALM BEACH COUNTY SCHOOL BOARD: $112.7 million series 2007B certificates of participation; remarketing; Bear, Stearns & Co.; certificates issued in March 2007 to finance the acquisition and construction of facilities.

RAPIDES FINANCE AUTHORITY (LOUISIANA)/CLECO POWER LLC: $60 million revenue bonds; Goldman Sachs &Co. (remarketing agent); JPMorgan and BNY Capital Markets Inc. (co-managers); bonds due 2037; bonds initially issued Nov. 1, 2007, converted to bear interest at term rate; proceeds to be deposited into construction fund for sewage disposal facilities.

SAN FRANCISCO CITY AND COUNTY AIRPORT COMMISSION: $169.5 million 34A-C senior lien variable-rate revenue refunding bond, $255 million 34D-E senior lien fixed-rate revenue refunding bonds, $110 million 34F-G senior-lien variable-rate revenue refunding bonds (A); timing not set.

SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY: $140.11 million Natural Gas Project A 2008 taxable revenue bonds for Anaheim, Burbank and Colton; proceeds to refinance each city's share of natural gas project acquisition and development costs through redemption of authority's draw-down revenue bonds issued as a short-term financing for the project;

• $80.36 million Natural Gas Project A 2008 taxable revenue bonds for City of Anaheim

• $43.275 million Natural Gas Project A 2008 taxable revenue bonds for City of Burbank

• $16.475 million Natural Gas Project A 2008 taxable revenue bonds for City of Colton

SOUTH CAROLINA PUBLIC SERVICE AUTHORITY (SANTEE COOPER): $93.155 million revenue obligation bonds; negotiated; Goldman, Sachs & Co. (lead), Citigroup Global Markets; Bear, Stearns & Co.; Merrill Lynch & Co.; and Morgan Stanley (co-managers); proceeds will be used to refund series 1997 A refunding bonds.

UNIVERSITY OF OKLAHOMA HEALTH SCIENCES CENTER: $100 million tax-exempt and taxable bonds; proceeds for new cancer research center; pricing expected in late spring or early summer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.