Published on 11/2/2015 in the Prospect News Municipals Daily.
New Issue: Broward County, Fla., brings to market $482.19 million of airport bonds
By Sheri Kasprzak
New York, Nov. 2 – Broward County, Fla., sold $482,195,000 of series 2015 airport revenue bonds, according to a pricing sheet.
The deal included $426,315,000 of series 2015A AMT bonds, $9,575,000 of series 2015B non-AMT bonds and $46,305,000 of series 2015C AMT bonds.
The 2015A bonds are due 2016 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5% with yields from 0.50% to 4.10%. The 2040 bonds have a 5% coupon priced at 109.626 to yield 3.82% and the 2045 bonds have a 5% coupon priced at 109.025 to yield 3.89%.
The 2015B bonds are due Oct. 1, 2045 and have a 5% coupon priced at 111.632 to yield 3.59%.
The 2015C bonds are due 2016 to 2025 with coupons from 2% to 5% and yields from 0.45% to 2.80%.
The bonds (A1/A+/A+) were sold through senior managers Raymond James/Morgan Keegan and Ramirez & Co. Inc.
Proceeds will be used to construct and improve terminals at the Fort Lauderdale Executive Airport.
| Issuer: | Broward County, Fla.
|
| Issue: | Series 2015 airport revenue bonds
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| Amount: | $482,195,000
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| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan and Ramirez & Co. Inc. (lead), Jefferies & Co., Morgan Stanley & Co. LLC and RBC Capital Markets LLC (co-managers)
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| Ratings: | Moody’s: A1
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| Standard & Poor’s: A+
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| Fitch: A+
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 16
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| $426,315,000 series 2015A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $435,000 | 2016 | Serial | 2% | 101.307 | 0.50%
|
| $510,000 | 2017 | Serial | 5% | 107.721 | 0.84%
|
| $7,475,000 | 2018 | Serial | 5% | 110.885 | 1.14%
|
| $7.85 million | 2019 | Serial | 5% | 113.409 | 1.43%
|
| $8,245,000 | 2020 | Serial | 5% | 115.577 | 1.66%
|
| $8,655,000 | 2021 | Serial | 5% | 116.85 | 1.95%
|
| $9.09 million | 2022 | Serial | 5% | 117.911 | 2.18%
|
| $9.54 million | 2023 | Serial | 5% | 118.237 | 2.44%
|
| $10,015,000 | 2024 | Serial | 5% | 118.56 | 2.64%
|
| $10,515,000 | 2025 | Serial | 5% | 118.862 | 2.80%
|
| $11,045,000 | 2026 | Serial | 5% | 117.26 | 2.97%
|
| $11.6 million | 2027 | Serial | 5% | 116.237 | 3.08%
|
| $12,175,000 | 2028 | Serial | 5% | 115.408 | 3.17%
|
| $12,785,000 | 2029 | Serial | 5% | 114.586 | 3.26%
|
| $13,425,000 | 2030 | Serial | 5% | 113.771 | 3.35%
|
| $14,095,000 | 2031 | Serial | 5% | 113.142 | 3.42%
|
| $14.8 million | 2032 | Serial | 5% | 112.606 | 3.48%
|
| $15.54 million | 2033 | Serial | 5% | 112.074 | 3.54%
|
| $16,315,000 | 2034 | Serial | 5% | 111.632 | 3.59%
|
| $17,135,000 | 2035 | Serial | 5% | 111.192 | 3.64%
|
| $17.99 million | 2036 | Serial | 5% | 110.755 | 3.69%
|
| $18,885,000 | 2037 | Serial | 4.1% | 100 | 4.10%
|
| $61.99 million | 2040 | Term | 5% | 109.626 | 3.82%
|
| $116,205,000 | 2045 | Term | 5% | 109.025 | 3.89%
|
|
|
| $9,575,000 series 2015B non-AMT bond
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2045 | Term | 5% | 111.632 | 3.59%
|
|
|
| $46,305,000 series 2015C AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.8 million | 2016 | Serial | 2% | 101.351 | 0.45%
|
| $4,125,000 | 2017 | Serial | 5% | 107.721 | 0.84%
|
| $4.33 million | 2018 | Serial | 5% | 110.885 | 1.14%
|
| $4,545,000 | 2019 | Serial | 5% | 113.409 | 1.43%
|
| $4.77 million | 2020 | Serial | 5% | 115.577 | 1.66%
|
| $5.01 million | 2021 | Serial | 5% | 116.85 | 1.95%
|
| $5,265,000 | 2022 | Serial | 5% | 117.911 | 2.18%
|
| $5.52 million | 2023 | Serial | 5% | 118.237 | 2.44%
|
| $5,795,000 | 2024 | Serial | 5% | 118.56 | 2.64%
|
| $3,145,000 | 2025 | Serial | 5% | 118.862 | 2.80%
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