By Sheri Kasprzak
New York, June 30 - The Citizens Property Insurance Corp. of Florida sold $956.16 million of series 2011A coastal account senior secured bonds, according to a pricing sheet.
The deal includes $701.16 million of series 2011A-1 bonds, $105 million of series 2011A-2 bonds and $150 million of series 2011A-3 floating-rate bonds.
The 2011A-1 bonds are due 2015 to 2020 with 3.25% to 5% coupons. The 2011A-2 bonds are due June 1, 2012 and have a 2% coupon priced at 101.183. The 2011A-3 bonds are due June 1, 2014 and are floating-rate bonds.
The bonds were sold through senior manager Citigroup Global Markets Inc. The co-managers were Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Loop Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC.
Proceeds will be used to help Citizens meet its claim-paying needs for the 2011 hurricane season for its coastal account.
| Issuer: | Citizens Property Insurance Corp.
|
| Issue: | Series 2011A coastal account senior secured bonds
|
| Amount: | $956.16 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Loop Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | June 30
|
| Settlement date: | July 14
|
|
|
| $701.16 million A-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.41 million | 2015 | Serial | 3.25% | 101.531
|
| $8.05 million | 2015 | Serial | 4% | 103.338
|
| $6.135 million | 2016 | Serial | 3% | 99.324
|
| $10.535 million | 2016 | Serial | 4% | 102.674
|
| $73.33 million | 2016 | Serial | 5% | 107.135
|
| $3.22 million | 2018 | Serial | 4% | 100.295
|
| $4.92 million | 2018 | Serial | 4% | 98.811
|
| $116.86 million | 2018 | Serial | 5% | 104.733
|
| $62.4 million | 2019 | Serial | 4.25% | 99.929
|
| $5.625 million | 2019 | Serial | 4.5% | 99.929
|
| $163.135 million | 2019 | Serial | 5% | 103.214
|
| $20 million | 2020 | Serial | 4.5% | 100
|
| $20 million | 2020 | Serial | 4.75% | 100
|
| $135 million | 2020 | Serial | 5% | 101.788
|
|
|
| $105 million series 2011A-2 bonds
|
| Maturity | Type | Coupon | Price
|
| June 1, 2012 | Term | 2% | 101.183
|
|
|
| $150 million series 2011A-3
|
| Maturity | Type | Coupon | Price
|
| June 1, 2014 | Term | Floating | 100
|
© 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.
