Published on 10/8/2013 in the Prospect News Municipals Daily.
New Issue: Broward County, Fla., offers up $434.24 million of airport system bonds
By Sheri Kasprzak
New York, Oct. 8 - Broward County, Fla., sold $434,242,000 of series 2013 airport system revenue bonds, according to a pricing sheet.
The deal included $164,515,000 of series 2013A AMT bonds, $55.4 million of series 2013B non-AMT bonds and $214,327,000 of series 2013C non-AMT bonds.
The bonds (A1/A+/A) were sold through senior managers J.P. Morgan Securities LLC and Raymond James/Morgan Keegan.
The 2013A bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 1.25% to 5.25%. The 2038 bonds have a 5.125% to yield 97.996 and the 2043 bonds have a 5.25% coupon priced at 98.365.
The 2013B bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5.5%. The 2038 bonds have a 5.25% coupon priced at 101.779 and the 2043 bonds have a 5% coupon priced at 97.719.
The 2013C bonds are due 2014 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 1.25% to 5.5%. The 2038 bonds have a 5.25% coupon priced at 101.779. The 2043 bonds have a 5.125% coupon priced at 99.617 and a 5.25% coupon priced at 101.076.
Proceeds will be used to finance terminal improvements and the expansion of the airport's south runway.
| Issuer: | Broward County, Fla.
|
| Issue: | Series 2013 airport system revenue bonds
|
| Amount: | $434,242,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Raymond James/Morgan Keegan (lead), Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co. LLC and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 23
|
|
|
| $164,515,000 series 2013A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.34 million | 2014 | Serial | 1.25% | 100.823
|
| $2.56 million | 2015 | Serial | 3% | 104.184
|
| $2,665,000 | 2016 | Serial | 4% | 107.88
|
| $2.77 million | 2017 | Serial | 5% | 112.479
|
| $2.91 million | 2018 | Serial | 5% | 112.835
|
| $3,055,000 | 2019 | Serial | 5% | 112.833
|
| $3,205,000 | 2020 | Serial | 5% | 112.776
|
| $3,365,000 | 2021 | Serial | 5% | 111.934
|
| $3,535,000 | 2022 | Serial | 5% | 111.263
|
| $3.71 million | 2023 | Serial | 5% | 110.376
|
| $3,895,000 | 2024 | Serial | 5.25% | 110.511
|
| $4.1 million | 2025 | Serial | 5.25% | 108.796
|
| $4,315,000 | 2026 | Serial | 5.25% | 107.113
|
| $4,545,000 | 2027 | Serial | 5.25% | 105.954
|
| $4.78 million | 2028 | Serial | 5.25% | 104.891
|
| $5,035,000 | 2029 | Serial | 5.25% | 103.841
|
| $5,305,000 | 2030 | Serial | 5.25% | 102.883
|
| $5,595,000 | 2031 | Serial | 5.25% | 102.25
|
| $5.9 million | 2032 | Serial | 5.25% | 101.935
|
| $6,225,000 | 2033 | Serial | 5.25% | 101.622
|
| $36,665,000 | 2038 | Term | 5.125% | 97.996
|
| $48.04 million | 2043 | Term | 5.25% | 98.365
|
|
|
| $55.4 million series 2013B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $800,000 | 2014 | Serial | 2% | 101.535
|
| $880,000 | 2015 | Serial | 3% | 104.718
|
| $915,000 | 2016 | Serial | 4% | 108.909
|
| $950,000 | 2017 | Serial | 4% | 110.131
|
| $995,000 | 2018 | Serial | 4% | 110.4
|
| $1,045,000 | 2019 | Serial | 5% | 115.446
|
| $1.1 million | 2020 | Serial | 4% | 109.366
|
| $1,155,000 | 2021 | Serial | 5% | 115.254
|
| $1.21 million | 2022 | Serial | 3% | 99.223
|
| $1,275,000 | 2023 | Serial | 5% | 113.758
|
| $1,335,000 | 2024 | Serial | 5% | 111.608
|
| $1,405,000 | 2025 | Serial | 5% | 109.766
|
| $1.48 million | 2026 | Serial | 5% | 108.473
|
| $1.56 million | 2027 | Serial | 5% | 107.283
|
| $1.64 million | 2028 | Serial | 5% | 106.192
|
| $1,725,000 | 2029 | Serial | 5.25% | 107.113
|
| $1,815,000 | 2030 | Serial | 5.25% | 106.118
|
| $1.91 million | 2031 | Serial | 5.5% | 107.441
|
| $2.01 million | 2032 | Serial | 5.5% | 106.864
|
| $2.12 million | 2033 | Serial | 5.5% | 106.372
|
| $12,315,000 | 2038 | Term | 5.25% | 101.779
|
| $15.76 million | 2043 | Term | 5% | 97.719
|
|
|
| $214,327,000 series 2013C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.11 million | 2014 | Serial | 1.25% | 100.889
|
| $3,395,000 | 2015 | Serial | 3% | 104.718
|
| $3.53 million | 2016 | Serial | 4% | 108.909
|
| $3,675,000 | 2017 | Serial | 5% | 113.954
|
| $3,855,000 | 2018 | Serial | 5% | 115.107
|
| $4.05 million | 2019 | Serial | 5% | 115.446
|
| $4.25 million | 2020 | Serial | 5% | 115.695
|
| $4,465,000 | 2021 | Serial | 5% | 115.254
|
| $4.69 million | 2022 | Serial | 5% | 114.732
|
| $4.92 million | 2023 | Serial | 5% | 113.758
|
| $5.17 million | 2024 | Serial | 5.25% | 113.681
|
| $5.44 million | 2025 | Serial | 5.25% | 111.819
|
| $5,725,000 | 2026 | Serial | 5.25% | 110.511
|
| $6,025,000 | 2027 | Serial | 5.25% | 109.307
|
| $6.34 million | 2028 | Serial | 5.25% | 108.203
|
| $6,675,000 | 2029 | Serial | 5.25% | 107.113
|
| $7,052,000 | 2030 | Serial | 5.25% | 106.118
|
| $7,395,000 | 2031 | Serial | 5.5% | 107.441
|
| $7,785,000 | 2032 | Serial | 5.5% | 106.864
|
| $8.19 million | 2033 | Serial | 5.5% | 106.372
|
| $47,635,000 | 2038 | Term | 5.25% | 101.779
|
| $25 million | 2043 | Term | 5.125% | 99.617
|
| $35,955,000 | 2043 | Term | 5.25% | 101.076
|
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