Published on 7/25/2012 in the Prospect News Municipals Daily.
New Issue: JEA, Fla., prices $110.46 million of electric system revenue bonds
By Sheri Kasprzak
New York, July 25 - The Jacksonville Electric Authority of Florida sold $110,455,000 of series 2012B electric system subordinated revenue bonds, according to a pricing sheet.
The bonds (Aa3//AA-) were sold through Bank of America Merrill Lynch. The co-managers were Barclays Capital Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan, RBC Capital Markets Corp. and Wells Fargo Securities LLC.
The bonds are due 2013 to 2032 with term bonds due in 2034, 2035 and 2037. The serial coupons range from 2.25% to 5%. The 2034 bonds have a 5% coupon not reoffered, the 2035 bonds have a 3.75% coupon priced at 98.777, and the 2037 bonds have a 4% coupon priced at par.
Proceeds will be used to refund outstanding subordinated electric system bonds.
| Issuer: | Jacksonville Electric Authority
|
| Issue: | Series 2012B electric system subordinated revenue bonds
|
| Amount: | $110,455,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead); Barclays Capital Inc., BMO Capital Markets Corp., Citigroup Global Markets Inc., Goldman, Sachs & Co., Jefferies & Co., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray, Raymond James/Morgan Keegan, RBC Capital Markets Corp. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Fitch: AA-
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.01 million | 2013 | Serial | 2.5% | 102.314
|
| $535,000 | 2014 | Serial | 3% | 104.949
|
| $2.2 million | 2015 | Serial | 5% | 112.988
|
| $2.33 million | 2016 | Serial | 4% | 112.423
|
| $3.95 million | 2017 | Serial | 5% | 119.31
|
| $2.56 million | 2018 | Serial | 4% | 115.289
|
| $2.19 million | 2019 | Serial | 5% | 122.372
|
| $320,000 | 2020 | Serial | 2.25% | NRO
|
| $2.44 million | 2021 | Serial | 2.5% | NRO
|
| $3.1 million | 2022 | Serial | 3% | NRO
|
| $3.08 million | 2023 | Serial | 5% | NRO
|
| $3.73 million | 2024 | Serial | 3% | 100
|
| $3.18 million | 2025 | Serial | 3% | 98.821
|
| $5,045,000 | 2026 | Serial | 5% | NRO
|
| $4,335,000 | 2027 | Serial | 3.25% | 99.289
|
| $5,055,000 | 2028 | Serial | 3.25% | 98.393
|
| $3,065,000 | 2029 | Serial | 5% | NRO
|
| $4,255,000 | 2030 | Serial | 5% | NRO
|
| $4,545,000 | 2031 | Serial | 3.5% | 98.761
|
| $4,695,000 | 2032 | Serial | 3.5% | 98.014
|
| $15 million | 2034 | Term | 5% | NRO
|
| $1.8 million | 2035 | Term | 3.75% | 98.777
|
| $32,035,000 | 2037 | Term | 4% | 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.
