By Sheri Kasprzak
New York, May 27 – The Citizens Property Insurance Corp. of Florida sold $300 million of series 2015A-2 variable-rate bonds, according to an official statement. The deal was part of a $1 billion offering. A $700 million fixed-rate tranche was previously reported.
The bonds (A1/A+/AA-) were sold through bookrunner J.P. Morgan Securities LLC.
The bonds are due 2018 and 2020. The 2018 bonds bear interest at the Sifma index rate plus 96 basis points and the 2020 bonds bear interest at the Sifma rate plus 106 bps.
Proceeds will be used to finance hurricane catastrophe claims in the state.
| Issuer: | Citizens Property Insurance Corp., Fla.
|
| Issue: | Series 2015A-2 variable-rate bonds
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| Amount: | $300 million
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| Type: | Negotiated
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| Bookrunner: | J.P. Morgan Securities LLC
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| Ratings: | Moody’s: A1
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| Standard & Poor’s: A+
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| Fitch: AA-
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| Pricing date: | May 21
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| Settlement date: | June 2
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| Amount | Maturity | Type | Coupon | Price
|
| $150 million | 2018 | Term | Sifma plus 96 bps | 100
|
| $150 million | 2020 | Term | Sifma plus 106 bps | 100
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