Published on 9/8/2011 in the Prospect News Municipals Daily.
New Issue: Cape Coral, Fla., prices $175 million water and sewer refunding bonds
By Sheri Kasprzak
New York, Sept. 8 - The City of Cape Coral, Fla., priced $175 million of series 2011 water and sewer refunding revenue bonds on Thursday, according to a pricing sheet.
The bonds (Aa3/A1/AA+/A-/) were sold through Morgan Stanley & Co. LLC with Bank of America Merrill Lynch, PNC Capital Markets LLC, J.P. Morgan Securities LLC and Raymond James & Associates Inc. as the co-managers.
The bonds are due 2012 to 2026 with term bonds due in 2031 and 2041. The serial coupons range from 2% to 5%. The 2031 bonds have a 4.75% coupon priced at par, and the 2041 bonds have a 5% coupon priced at 100.547.
Proceeds will be used to refund existing debt and refinance commercial paper notes.
| Issuer: | Cape Coral, Fla.
|
| Issue: | Series 2011 water and sewer refunding revenue bonds
|
| Amount: | $175 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, PNC Capital Markets LLC, J.P. Morgan Securities LLC and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: Aa3/A1
|
| Standard & Poor's: AA+/A-
|
| Pricing date: | Sept. 8
|
| Settlement date: | Sept. 22
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 101.335
|
| 2013 | Serial | 4% | 105.936
|
| 2014 | Serial | 4% | 108.138
|
| 2015 | Serial | 5% | 113.578
|
| 2016 | Serial | 5% | 114.582
|
| 2017 | Serial | 3% | 103.745
|
| 2018 | Serial | 5% | 114.972
|
| 2019 | Serial | 3% | 100.141
|
| 2020 | Serial | 5% | 113.844
|
| 2021 | Serial | 5% | 113.041
|
| 2022 | Serial | 5% | 110.893
|
| 2023 | Serial | 5% | 109.14
|
| 2024 | Serial | 4% | 99.296
|
| 2025 | Serial | 4.125% | 99.105
|
| 2026 | Serial | 5% | 105.401
|
| 2031 | Term | 4.75% | 100
|
| 2041 | Term | 5% | 100.547
|
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