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Prospect News home > News index > List of issuers C > Headlines for Calendar > News item

Published on 12/11/2012 in the Prospect News Municipals Daily.

Municipal Calendar: New York City preps $862 million bond deal

Week of December 10

CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY: $781.39 million series 2012 water furnishing revenue bonds; negotiated; J.P. Morgan Securities LLC and Barclays (lead); Bank of America Merrill Lynch, Goldman, Sachs & Co. and Stone & Youngberg LLC (co-managers); proceeds to construct desalination pipelines; pricing week of Dec. 10.

• $559.85 million series 2012 AMT Poseidon Resources LP desalination project bonds

• $221.54 million series 2012 San Diego County Water Authority desalination project bonds

CONNECTICUT: $625 million series 2012 transportation infrastructure purposes special tax obligation bonds (Aa3/AA/AA); negotiated; RBC Capital Markets LLC (lead); Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman, Sachs & Co., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Barclays, Edward D. Jones & Co. LP, Fidelity Capital Markets LLC, J.P. Morgan Securities LLC, Janney Montgomery Scott LLC, Jefferies & Co., Loop Capital Markets LLC, M.R. Beal & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. Inc., TD Securities (USA) LLC, US Bancorp Inc., Wells Fargo Securities LLC, William Blair & Co. and The Williams Capital Group Inc. (co-managers); proceeds to finance transportation infrastructure projects, as well as to refund existing debt; pricing week of Dec. 10.

• $500 million series 2012A bonds due 2014 to 2033

• $125 million series 2012B refunding bonds due 2015 to 2025

CONNECTICUT HOUSING FINANCE AUTHORITY: $79.63 million series 2012G housing mortgage finance program bonds (Aaa/AAA/AAA); negotiated; Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead for 2012G-1 through 2012G-4); Bank of America Merrill Lynch (lead for 2012G-5); Barclays, Goldman, Sachs & Co., Jefferies & Co., Janney Montgomery Scott LLC, M.R. Beal & Co. Inc., Raymond James/Morgan Keegan, Ramirez & Co. Inc., Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers for 2012G-1 through 2012G-4); proceeds to finance mortgage loans; pricing week of Dec. 10.

• $44,195,000 series 2012G-1 bonds due 2013 to 2022 with term bonds due in 2027, 2032, 2037, 2042, 2047 and 2055

• $6,015,000 series 2012G-2 bonds due 2022, 2027, 2032, 2037 and 2045

• $5,015,000 series 2012G-3 bonds due 2013 to 2022 with term bond due in 2027

• $8,685,000 series 2012G-4 bonds due Nov. 15, 2030

• $15.72 million series 2012G-5 bonds due May 15, 2041

CORPUS CHRISTI (TEXAS): $138,825,000 series 2012 general improvement refunding bonds (Aa3/AA-/AA); negotiated; Raymond James/Morgan Keegan (lead); proceeds to refund outstanding debt for a net present value savings of 14.8% for the 2012 taxable bonds and 4.6% for the series 2012C bonds; pricing week of Dec. 10.

• $31.19 million series 2012C general improvement refunding bonds

• $107,635,000 series 2012 taxable general improvement refunding bonds

DELAWARE RIVER PORT AUTHORITY (NEW JERSEY AND PENNSYLVANIA): $180.82 million series 2012 port district project refunding bonds (Baa3); negotiated; RBC Capital Markets LLC (lead); proceeds to refund existing debt; pricing week of Dec. 10.

GLENDALE MUNICIPAL PROPERTY CORP. (ARIZONA): $229.93 million series 2012 excise tax revenue refunding bonds; negotiated; Wells Fargo Securities LLC and Robert W. Baird & Co. Inc. (lead); proceeds to refund corporation's series 2003A, 2004A and 2008A-C revenue bonds; pricing week of Dec. 10.

• $39,445,000 series 2012B senior-lien bonds due 2021 to 2033

• $173,605,000 series 2012C subordinate bonds due 2021 to 2038

• $16.88 million series 2012D taxable subordinate bonds due 2014 to 2021

HAMPTON ROADS SANITATION DISTRICT (VIRGINIA): $360.73 million series 2012 wastewater revenue and refunding bonds (Aa3/AAA/AA+); negotiated; J.P. Morgan Securities LLC (lead); Raymond James/Morgan Keegan (co-managers); proceeds to finance system-wide capital improvements and refund the district's series 2008 and 2011 revenue bonds for interest savings; pricing week of Dec. 10.

• $57.03 million series 2012 subordinate wastewater revenue refunding bonds due 2013 to 2027

• $127.38 million series 2012A wastewater revenue bonds due 2014 to 2034 with term bonds due 2039 and 2044

• $176.32 million series 2012B wastewater revenue refunding bonds due 2013 and 2019 to 2033 with term bond due 2038

INDUSTRIAL DEVELOPMENT AUTHORITY OF FAIRFAX COUNTY (VIRGINIA): $72,225,000 series 2012D health care revenue bonds (Aa2/AA+/); negotiated; Morgan Stanley & Co. LLC (lead); proceeds to refund existing debt; pricing week of Dec. 10.

METROPOLITAN OPERA (NEW YORK): $100 million series 2012 taxable bonds; negotiated; Bank of America Merrill Lynch and Morgan Stanley & Co. LLC (lead); proceeds to repay debt held by the opera; pricing week of Dec. 10.

NEW YORK CITY: $862.74 million fiscal 2013 general obligation bonds (Aa2/AA/AA); negotiated; Raymond James/Morgan Keegan (lead); proceeds to refund outstanding G.O. bonds for savings in the current fiscal year and in fiscal 2014; pricing week of Dec. 10.

• $503.15 million fiscal 2013D bonds due 2014 to 2028

• $359.59 million fiscal 2013E bonds due 2013 to 2033

NEW YORK STATE HOUSING FINANCE AGENCY: $91.5 million series 2012F affordable housing revenue bonds; negotiated; Ramirez & Co. Inc. and J.P. Morgan Securities LLC (lead); Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan, Roosevelt & Cross Inc. and Siebert Brandford Shank & Co. LLC (co-managers); bonds due 2013 to 2023 with term bonds due in 2015, 2016, 2027, 2032, 2037, 2042 and 2048; proceeds to make five mortgage loans to construct and rehabilitate affordable housing units; pricing week of Dec. 10.

ROUTE 460 FUNDING CORP. OF VIRGINIA: $293,412,055 series 2012 toll road senior lien revenue bonds (Baa3/BBB-/); negotiated; Bank of America Merrill Lynch and J.P. Morgan Securities LLC (lead); proceeds to construct a new, 55-mile limited access divided toll road between U.S. Route 460 near the Interstate 295 interchange and U.S. Route 58 in Suffolk, Va.; pricing week of Dec. 10.

• $231.65 million series 2012A current interest bonds due 2045 to 2052

• $61,762,055 series 2012B capital appreciation bonds due 2025 to 2045

TRIBOROUGH BRIDGE AND TUNNEL AUTHORITY (NEW YORK): $904.3 million series 2012 revenue bonds; negotiated; Jefferies & Co., Goldman, Sachs & Co. and Loop Capital Markets LLC (lead); Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, BB&T Capital Markets LLC, Duncan-Williams Inc., Edward D. Jones & Co. LP, Fidelity Capital Markets Inc., First Southwest Co., M.R. Beal & Co. Inc., Piper Jaffray & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Stifel, Nicolaus & Co. LLC and TD Securities (USA) LLC (co-managers); proceeds to refund authority's series 2002E and 2003A revenue bonds; pricing week of Dec. 10.

• $637,985,000 series 2012C subordinate revenue refunding bonds due 2013 to 2032

• $266,315,000 series 2012D general revenue refunding bonds due 2013 to 2032

UNIVERSITY OF MICHIGAN: $196.94 million series 2012 general revenue bonds (Aaa/AAA/); negotiated; Wells Fargo Securities LLC (lead for 2012E); J.P. Morgan Securities LLC (lead for 2012F); proceeds to refund all of the university medical center's revenue bonds, as well as to refund a portion of its commercial paper notes; pricing week of Dec. 10.

• $95.97 million series 2012E bonds due April 1, 2033

• $100.97 million series 2012F bonds due April 1, 2043

VIRGINIA HOUSING DEVELOPMENT AUTHORITY: $560 million series 2012C commonwealth mortgage bonds (Aaa/VMIG 1/AAA/A-1+/); competitive; proceeds to finance mortgage loans and refund previously issued debt; pricing week of Dec. 10.

• $90 million series 2012C-STEM I bonds due Jan. 24, 2013

• $80 million series 2012C-STEM II bonds due Feb. 28, 2013

• $80 million series 2012C-STEM III bonds due April 1, 2013

• $310 million series 2012C-STEM IV bonds due May 23, 2013

YONKERS (NEW YORK): $105.46 million series 2012 general obligation bonds; negotiated; Sterne, Agee & Leach (lead); proceeds to finance capital projects and refund debt; pricing week of Dec. 10.

• $38,105,000 series 2012A G.O. refunding bonds (Baa1)

• $12,095,000 series 2012B school refunding bonds (A2)

• $29.91 million series 2012C G.O. serial bonds (Baa1)

• $25.35 million series 2012D school serial bonds (A2)

December 12

CHERRY CREEK SCHOOL DISTRICT NO. 5 (COLORADO): $125 million series 2012B general obligation bonds (/AA/); competitive; Public Finance Associates LLC (financial adviser); bonds due 2015 to 2032; proceeds to finance capital improvements to schools within the district; pricing Dec. 12.

GEORGIA: $583.48 million series 2012 general obligation bonds; competitive; Public Resources Advisory Group (financial adviser); proceeds to construct, acquire, equip and renovate state land, properties, buildings and other infrastructure, as well as to refund existing G.O. debt; pricing Dec. 12.

• $234,915,000 series 2013A G.O. bonds due 2014 to 2033

• $57.99 million series 2013B taxable G.O. refunding bonds due 2013 to 2018

• $290,575,000 series 2013C G.O. refunding bonds due 2019 to 2024

TAMPA-HILLSBOROUGH COUNTY EXPRESSWAY AUTHORITY (FLORIDA): $454.72 million series 2012 refunding revenue bonds (A3/A-/); negotiated; Bank of America Merrill Lynch and Raymond James/Morgan Keegan (lead); Citigroup Global Markets Inc., Loop Capital Markets LLC and Morgan Stanley & Co. LLC (co-managers); proceeds to finance expressway improvements and refund the authority's series 2002 and 2005 expressway revenue bonds; pricing Dec. 12.

• $194.59 million series 2012A bonds due 2027 to 2037

• $146,935,000 series 2012B bonds due 2037 and 2042

• $43,015,000 series 2012C bonds due 2016 to 2022

• $70.18 million series 2012D bonds due 2022 to 2027

December 13

ALPINE SCHOOL DISTRICT (UTAH): $65,205,000 series 2012B general obligation school building and refunding bonds; competitive; George K. Baum & Co. (financial adviser); bonds due 2015 to 2030; proceeds to make improvements to school facilities in the district, as well as to refund the district's series 2004B and 2005 G.O. bonds; pricing Dec. 13.

LAFAYETTE (LOUISIANA): $154,845,000 series 2012 utilities revenue refunding bonds (A1/A+/); negotiated; Raymond James/Morgan Keegan (lead); bonds due 2015 to 2028; proceeds to refund city's series 2004 revenue bonds; pricing Dec. 13.

NORTH MIAMI BEACH (FLORIDA): $65 million series 2012 water revenue refunding bonds (/A+/A+); negotiated; Bank of America Merrill Lynch (lead); Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Raymond James/Morgan Keegan (co-managers); proceeds to refund city's series 2002B water revenue bonds; pricing Dec. 13.

PHILADELPHIA (PENNSYLVANIA): $127 million series 2012-13 tax and revenue anticipation notes (MIG 1/SP-1+/); competitive; Public Financial Management Inc. and Acacia Financial Group Inc. (financial adviser); notes due June 28, 2013; proceeds to finance general expenses of the city ahead of the collection of certain taxes and revenues; pricing Dec. 13.

Week of December 17

December 18

ST. PETERSBURG (FLORIDA): $77,615,000 series 2013 public utility revenue bonds (Aa2//AA); competitive; Public Financial Management Inc. (financial adviser); proceeds to acquire, construct and rehabilitate a wastewater force main and wastewater facility, as well as to refund existing debt; pricing Dec. 18.

• $38.09 million series 2013A revenue bonds due 2014 to 2042

• $39,525,000 series 2013B revenue refunding bonds due 2014 to 2033

On the Horizon

BON SECOURS HEALTH SYSTEM OBLIGATED GROUP: $300 million composite issue revenue bonds (A3/A-/A-); negotiated; J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead); PNC Capital Markets LLC (co-manager); proceeds to refund series 2002A revenue bonds issued through Russell, South Carolina Jobs and Henrico County and series 1997 bonds issued through Norfolk.

• $40 million series 2013 revenue bonds through City of Russell, Ky.

• $185 million series 2013 revenue bonds through South Carolina Jobs - Economic Development Authority

• $55 million series 2013 revenue bonds through Economic Development Authority of Henrico County, Va.

• $20 million series 2013 revenue bonds through Economic Development Authority of the City of Norfolk, Va.

CARMEL REDEVELOPMENT AUTHORITY (INDIANA): $188,535,000 series 2012 lease rental revenue multipurpose bonds; negotiated; Oppenheimer & Co. Inc. and William Blair & Co. (lead); Mesirow Financial (co-manager); proceeds to acquire the Keystone Avenue right-of-way from the City of Carmel.

CHICAGO BOARD OF EDUCATION: $110 million series 2012B unlimited tax general obligation refunding bonds (A2/A+/A); negotiated; Citigroup Global Markets Inc. and William Blair & Co. Inc. (lead); Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., M.R. Beal & Co. Inc., North South Capital LLC and The Williams Capital Group LP (co-managers); proceeds to refund existing debt.

COOK COUNTY (ILLINOIS): $90 million county road and highway improvement sales tax revenue bonds (//AAA); negotiated; Wells Fargo Securities LLC (lead); proceeds to finance road, bridge and highway infrastructure projects as part of the county's 2012 -2014 highway transportation plan.

INDIANA FINANCE AUTHORITY/MIDWEST FERTILIZER CORP.: $1,259,000,000 series 2012 industrial development revenue bonds (/A-1+/); negotiated; Guggenheim Securities LLC (lead); bonds due July 1, 2046; proceeds to construct an integrated nitrogen fertilizer manufacturing plant in Posey County, Ind.

NORTH CAROLINA CAPITAL FACILITIES FINANCE AGENCY/WAKE FOREST UNIVERSITY: $110 million series 2012 educational facilities revenue bonds (Aa3/AA/); negotiated; Wells Fargo Securities LLC and BB&T Capital Markets LLC (lead); bonds due 2015 to 2033 with term bonds due 2040 and 2042; proceeds to construct and design residence halls, a dining hall and academic buildings, as well as to upgrade the university's heating plant.

OKLAHOMA MUNICIPAL POWER AUTHORITY: $117.91 million series 2013A power supply system revenue bonds (/A/A); negotiated; Bank of America Merrill Lynch (lead); BOSC Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC (co-managers); bonds due 2028 to 2033 with term bonds due 2038, 2043 and 2047; proceeds to construct a new power generating facility.

ORLANDO-ORANGE COUNTY EXPRESSWAY AUTHORITY (FLORIDA): $276,355,000 series 2013B refunding revenue bonds; negotiated; Bank of America Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead); Loop Capital Markets LLC, Raymond James/Morgan Keegan, Barclays, Goldman, Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers); proceeds to refund the authority's series 2003C-2, 2003C-4, 2003D, 2008B-2 and 2008B-4 revenue bonds.

TRUST FOR CULTURAL RESOURCES OF THE CITY OF NEW YORK/WILDLIFE CONSERVATION SOCIETY: $112,515,000 series 2012 revenue bonds (Aa3/AA-/); negotiated; Goldman, Sachs & Co. (lead); bonds due 2022 to 2033; proceeds to construct, equip, furnish and acquire Wildlife Conservation Society facilities at the Bronx Zoo and at the New York Aquarium.

WASHINGTON STATE HOUSING FINANCE COMMISSION: $88,875,000 series 2012 nonprofit housing revenue and revenue refunding bonds; negotiated; Cain Brothers Inc. and BB&T Capital Markets LLC (lead); proceeds to refund debt.

• $74,675,000 series 2012A fixed-rate bonds

• $5 million series 2012B adjustable-rate bonds

• $9.2 million series 2012C temporary fixed-rate bondsMunicipal Calendar: New York City preps $862 million bond deal