Published on 2/18/2016 in the Prospect News Municipals Daily.
New Issue: Florida Municipal Power sells $421.99 million refunding revenue bonds
By Sheri Kasprzak
New York, Feb. 18 – The Florida Municipal Power Agency sold $421.99 million of series 2016A all-requirements power supply project refunding revenue bonds, according to a pricing sheet.
The bonds (A2) were sold through senior managers BofA Merrill Lynch and Wells Fargo Securities LLC.
The bonds are due 2020 to 2031 with 3% to 5% coupons.
Proceeds will be used to refund agency’s series 2008A and 2009A revenue bonds.
| Issuer: | Florida Municipal Power Agency
|
| Issue: | Series 2016A all-requirements power supply project refunding revenue bonds
|
| Amount: | $421.99 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Wells Fargo Securities LLC (lead)
|
| Rating: | Moody’s: A2
|
| Pricing date: | Feb. 17
|
| Settlement date: | April 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $38,245,000 | 2020 | Serial | 5% | 116.797
|
| $40,155,000 | 2021 | Serial | 5% | 119.306
|
| $26,535,000 | 2022 | Serial | 5% | 120.945
|
| $27.78 million | 2023 | Serial | 5% | 122.09
|
| $29.15 million | 2024 | Serial | 5% | 123.052
|
| $5 million | 2026 | Serial | 4% | 115.763
|
| $17.66 million | 2026 | Serial | 5% | 125.036
|
| $27.08 million | 2027 | Serial | 5% | 123.773
|
| $44,925,000 | 2028 | Serial | 5% | 122.526
|
| $48.28 million | 2029 | Serial | 5% | 121.601
|
| $51,135,000 | 2030 | Serial | 5% | 120.988
|
| $20 million | 2031 | Serial | 3% | 98.052
|
| $46,045,000 | 2031 | Serial | 5% | 120.077
|
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