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Municipal Calendar: Illinois organizes $402 million Build Illinois Bonds deal
Week of March 10
CHICAGO (ILLINOIS): $405 million series 2014 general obligation bonds (/A+/A-); negotiated; Wells Fargo Securities LLC (lead); BMO Capital Markets LLC, Cabrera Capital Markets LLC, William Blair & Co., Blaylock Beal Van LLC, Estrada Hinojosa & Co. Inc., George K. Baum & Co., Mischler Financial Group Inc., North South Capital LLC and The Williams Capital Group LP (co-managers); proceeds to finance road resurfacing and improvements, the installation of guardrails, the replacement of curbs and gutters, the improvement of park facilities and other citywide improvements; pricing week of March 10.
• Series 2014A G.O. project and refunding bonds
• Series 2014B taxable G.O. and refunding bonds
WISCONSIN: $294.82 million series 2014-2 general obligation refunding bonds; negotiated; Morgan Stanley & Co. LLC and Ramirez & Co. Inc. (lead); BNY Mellon Capital Markets, Cabrera Capital Markets LLC, Hilliard Lyons and J.P. Morgan Securities LLC (co-managers); bonds due 2015 to 2034; proceeds to advance and current refund existing state G.O. bonds; pricing week of March 10.
March 11
CLARK COUNTY (NEVADA): $100 million series 2014A index fuel tax and subordinate motor vehicle fuel tax highway revenue bonds (A1/A+/); negotiated; RBC Capital Markets LLC and BofA Merrill Lynch (lead); proceeds to provide funds to the Regional Transportation Commission of Southern Nevada to finance the costs of constructing certain major streets and highways in the county; pricing March 11.
ILLINOIS: $402 million series of March 2014 taxable Build Illinois Bonds; competitive; Columbia Capital Management LLC (financial adviser); bonds due 2015 to 2038; proceeds to finance statewide capital requirements; pricing March 11.
NORTH SLOPE BOROUGH (ALASKA): $61.34 million series 2014 Service Area 10 water and wastewater facilities revenue bonds; negotiated; KeyBanc Capital Markets LLC (lead); bonds due 2016 to 2029; proceeds to finance the construction, equipment, renovation and improvement of water and wastewater facilities in Service Area 10, as well as to fund maintenance and operations; pricing March 11.
OHIO: $300 million series 2014A higher education general obligation bonds (Aa1/AA+/AA+); competitive; Public Financial Management Inc. (financial adviser); bonds due 2015 to 2034; proceeds to finance capital improvements for state-supported and state-assisted higher education facilities; pricing March 11.
PUERTO RICO: $3 billion series 2014A general obligation bonds; negotiated; Barclays, Morgan Stanley & Co. LLC and RBC Capital Markets LLC (lead); BofA Merrill Lynch; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Ramirez & Co. Inc.; FirstBank PR Securities; Jefferies & Co.; Mesirow Financial Inc.; Oriental Financial Services; Popular Securities; Santander Securities; and UBS FS Puerto Rico (co-managers); proceeds to repay certain lines of Government Development Bank lines of credit, repay certain bond anticipation notes issued by the Puerto Rico Sales Tax Financing Corp. and refinancing outstanding general obligation bonds; pricing March 11.
March 12
ALASKA: $170 million series 2014 general obligation bond anticipation notes (MIG 1/SP-1+/F1+); competitive; Acacia Financial Group Inc. (financial adviser); notes due March 23, 2015; proceeds to finance the design and construction of state highway projects; pricing March 12.
BOSTON (MASSACHUSETTS): $156,865,000 series 2014A general obligation bonds; competitive; Public Financial Management Inc. (financial adviser); bonds due 2015 to 2034; proceeds to finance capital projects within the city; pricing March 12.
DORMITORY AUTHORITY OF THE STATE OF NEW YORK: $830 million series 2014 general purpose state personal income tax bonds; negotiated; Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Rice Financial Products Co. (lead); Blaylock Robert Van LLC; BofA Merrill Lynch; Fidelity Capital Markets; Goldman, Sachs & Co.; Jefferies & Co.; J.P. Morgan Securities LLC; Lebenthal & Co. LLC; Loop Capital Markets LLC; M&T Securities Inc.; Mesirow Financial Inc.; Oppenheimer & Co.; TD Securities (USA) LLC; RBC Capital Markets LLC; Roosevelt & Cross Inc.; U.S. Bancorp Investments Inc.; and Wells Fargo Securities LLC (co-managers); proceeds to refund existing debt; pricing March 12.
• $800 million series 2014A tax-exempt bonds
• $30 million series 2014B taxable bonds
FAIRFAX COUNTY ECONOMIC DEVELOPMENT AUTHORITY (VIRGINIA): $55,955,000 series 2014 Commonwealth of Virginia lease revenue refunding bonds (Aa1/AA+/AA+); competitive; Public Resources Advisory Group (financial adviser); bonds due 2014 to 2022; proceeds to refund, redeem and defease all of the authority's series 2006 lease revenue bonds; pricing March 12.
HOUSTON (TEXAS): $1.35 billion series 2014 combined utility system revenue refunding bonds (/AA/AA); negotiated; J.P. Morgan Securities LLC (lead for 2014B); Citigroup Global Markets Inc.; Raymond James/Morgan Keegan; Barclays; Ramirez & Co. Inc.; and Wells Fargo Securities LLC (co-managers for 2014B); Siebert Brandford Shank & Co. LLC (lead for 2014C); Goldman, Sachs & Co.; Piper Jaffray & Co.; Raymond James; Hutchinson Shockey Erley & Co.; Jefferies & Co.; and RBC Capital Markets LLC (co-managers for 2014C); proceeds to refund a portion of the city's series 2004A bonds; pricing March 12.
• $650 million series 2014B taxable first-lien bonds due May 15, 2015
• $700 million series 2014C tax-exempt first-lien bonds due May 15, 2015
METROPOLITAN DISTRICT OF HARTFORD COUNTY (CONNECTICUT): $278,221,000 series 2014 general obligation bond anticipation notes; competitive; First Southwest Co. (financial adviser); proceeds to finance sewer, water and various capital improvements within the district; pricing March 12.
• $52,762,000 series 2014A notes due Aug. 17, 2014
• $100 million series 2014B notes due Dec. 5, 2014
• $90,459,000 series 2014C notes due March 23, 2015
• $35 million series 2014D notes due March 23, 2015
MIAMI-DADE COUNTY (FLORIDA): $158,525,000 series 2014 AMT aviation revenue refunding bonds (A2/A/A); negotiated; Goldman, Sachs & Co. (lead); proceeds to refund existing revenue bonds; pricing March 12.
NEW YORK STATE MORTGAGE AGENCY: $123.84 million homeowner mortgage revenue bonds; negotiated; BofA Merrill Lynch (lead); J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Academy Securities Inc., Barclays, CastleOak Securities LP, George K. Baum & Co., Loop Capital Markets LLC, M&T Securities Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers); proceeds to purchase recently originated mortgage loans, purchase new mortgage loans and finance second-lien Down Payment Assistance Mortgage Loans; pricing March 12.
• $12 million series 185 non-AMT bonds due Oct. 1, 2029
• $71.64 million series 186 AMT bonds due 2019 to 2025 with term bond due in 2029
• $40.2 million series 187 taxable bonds due 2014 to 2018
RED RIVER HEALTH FACILITIES DEVELOPMENT CORP./MRC THE CROSSINGS (TEXAS): $74.86 million series 2014 retirement facility revenue bonds; negotiated; Ziegler Capital Inc. (lead); proceeds to acquire property and construct 116 independent living apartments for the MRC The Crossings retirement community in League City, Texas; pricing March 12.
• $61.86 million series 2014A fixed-rate bonds
• $7.85 million series 2014B-1 tax-exempt mandatory paydown securities
• $4.5 million series 2014B-2 tax-exempt mandatory paydown securities
• $650,000 series 2014C taxable mandatory paydown securities
SEQUOIA UNION HIGH SCHOOL DISTRICT (CALIFORNIA): $116,975,000 series 2014 general obligation refunding bonds (Aa1/AA/); competitive; Keygent LLC (financial adviser); bonds due 2014 to 2035; proceeds to refund the district's series 2005, 2005B, 2006 and 2008 general obligation bonds; pricing March 12.
March 13
CALIFORNIA: $1.6 billion series 2014 various purpose general obligation bonds (A1/A/A); negotiated; BofA Merrill Lynch and RBC Capital Markets LLC (joint bookrunners); Loop Capital Markets LLC; Academy Securities Inc.; Backstrom McCarley Berry & Co. LLC; Barclays, Blaylock Beal Van LLC; BMO Capital Market GKST Inc.; Cabrera Capital Markets LLC; Citigroup Global Markets Inc.; De La Rosa & Co. Inc.; Fidelity Capital Markets Inc.; Goldman, Sachs & Co.; Great Pacific Securities Inc.; Hutchinson, Shockey, Erley & Co. LLC; J.P. Morgan Securities LLC; Jefferies & Co.; Mischler Financial Group; Mitsubishi UFJ Securities; Morgan Stanley & Co. LLC; O'Connor & Co. Securities Inc.; Prager & Co. LLC; Ramirez & Co. Inc.; Raymond James/Morgan Keegan; Siebert Brandford Shank & Co. LLC; Southwest Securities Inc.; Stifel, Nicolaus & Co. Inc.; Sutter Securities Inc.; U.S. Bancorp Investments Inc.; Wells Fargo Securities LLC; and The Williams Capital Group LP (co-managers); proceeds to fund capital projects, repay commercial paper notes and current and advance refund existing G.O. debt; pricing March 13.
• $900 million series 2014 G.O. bonds
• $700 million series 2014 refunding bonds
CONNECTICUT: $400 million series 2014 general obligation bonds (Aa3/AA/AA); negotiated; BofA Merrill Lynch (lead); Citigroup Global Markets Inc., Janney Montgomery Scott LLC, TD Securities (USA) LLC, The Williams Capital Group LP, Baird & Co., Barclays, Edward D. Jones & Co. LP, Jefferies & Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC, Lebenthal & Co. LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Prager & Co. LLC, Piper Jaffray & Co. LLC, Rice Financial Products Co., Roosevelt & Cross Inc., Sterne, Agee & Leach Inc., Stifel, Nicolaus & Co. Inc. and William Blair & Co. (co-managers); proceeds to finance capital projects within the state; pricing March 13.
• $340 million series 2014A G.O. bonds due 2015 to 2034
• $60 million series 2014B G.O. Sifma index bonds due 2018 to 2023
KERN COMMUNITY COLLEGE DISTRICT (CALIFORNIA): $54 million series 2014B general obligation refunding bonds (/AA+/); negotiated; RBC Capital Markets LLC (lead); proceeds to finance district-wide capital repairs, improvements and safety upgrades, as well as to refund debt; pricing March 13.
• $40 million series 2014B taxable bonds
• $14 million series 2014B tax-exempt bonds
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY: $319.3 million series 2014 Apex Power Project revenue bonds (/AA-/AA-); negotiated; Goldman, Sachs & Co. and Ramirez & Co. Inc. (lead); Barclays, BofA Merrill Lynch and RBC Capital Markets LLC (co-managers); proceeds to finance the acquisition of the Apex Power project, as well as to make improvements and repairs to the project; pricing March 13.
• $152.52 million series 2014A tax-exempt bonds due 2030 to 2038
• $166.78 million series 2014B taxable bonds due 2015 to 2030
Week of March 17
March 18
HOWARD COUNTY (MARYLAND): $142.78 million series 2014 general obligation bonds (Aaa/AAA/AAA); competitive; Public Financial Management Inc. (financial adviser); proceeds to reimburse the county for certain capital projects and refund existing G.O. bonds and notes; pricing March 18.
• $120.42 million series 2014A tax-exempt consolidated public improvement project and refunding bonds due 2015 to 2034
• $1.52 million series 2014B taxable consolidated public improvement bonds due Feb. 15, 2015
• $20.84 million series 2014A metropolitan district project and refunding bonds due 2015 to 2044
On the Horizon
ALASKA HOUSING FINANCE CORP.: $96,005,000 series 2014A state capital project bonds II; negotiated; J.P. Morgan Stanley & Co. LLC (lead); BofA Merrill Lynch, KeyBanc Capital Markets Inc. and Raymond James/Morgan Keegan (co-managers); bonds due 2016 to 2033; proceeds to refund existing corporation obligations.
CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY/HARTFORD HEALTHCARE: $92,635,000 series 2014E revenue bonds (A2/A/A); negotiated; Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead); Morgan Stanley & Co. LLC (co-manager); proceeds to finance capital projects, refinance lines of credit and finance working capital.
HARTFORD HEALTHCARE CORP. (CONNECTICUT): $162,611,000 series 2014D taxable bonds (A2/A/A); negotiated; Citigroup Global Markets Inc. and BofA Merrill Lynch (lead); Wells Fargo Securities LLC (co-manager); bonds due April 1, 2044; proceeds to finance working capital, capital projects, pension costs and routine capital expenditures.
HOLLAND (MICHIGAN): $160 million series 2014A electric utility system revenue bonds (Aa3/AA/); negotiated; Jefferies & Co. (lead); BofA Merrill Lynch, Comerica Securities Inc., Edward D. Jones & Co. LP, Fifth Third Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers); proceeds to acquire, construct, equip, improve and install a gas-fired combined cycle power plant and associated facilities.
INLAND VALLEY DEVELOPMENT SUCCESSOR AGENCY (CALIFORNIA): $270 million series 2014 tax allocation refunding bonds (/A-/); negotiated; Barclays (lead); proceeds to repay outstanding loans and refund the agency's series 2011B-C bonds.
• Series 2014A tax-exempt bonds
• Series 2014B taxable bonds
KANSAS CITY (MISSOURI): $113,535,000 series 2014 special obligation bonds (A1/AA-/); negotiated; Oppenheimer & Co. (lead); George K. Baum & Co.; Stifel, Nicolaus & Co. Inc.; and Valdes & Moreno Inc. (co-managers); proceeds to finance a downtown streetcar project, a downtown redevelopment project, capital improvements within the city and to advance refund existing special obligation bonds.
• $65.91 million series 2014A Downtown Streetcar bonds due 2014 to 2037
• $14,755,000 series 2014B Kansas City projects bonds due 2015 to 2028
• $32.87 million series 2014C Kansas City Downtown Redevelopment project bonds due 2031 to 2039
ORANGE COUNTY SCHOOL BOARD (FLORIDA): $65.83 million series 2014A certificates of participation (Aa2/AA/); negotiated; J.P. Morgan Securities LLC (lead); BofA Merrill Lynch, Citigroup Global Markets Inc., Jefferies & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers); certificates due 2024 to 2029; proceeds to current refund the school board's series 2004A certificates of participation.
PALM BEACH COUNTY HEALTH FACILITIES AUTHORITY/SINAI RESIDENCES OF BOCA RATON (FLORIDA): $189,885,000 series 2014 revenue bonds; negotiated; H.J. Sims & Co. (lead); proceeds to fund a loan to Sinai Residences of Boca Raton for capital improvements to the corporation's facilities, as well as to refund existing notes.
• $120,885,000 series 2014A bonds due 2024, 2034 and 2049
• $14 million series 2014B entrance fee principal redemption bonds due 2023
• $55 million series 2014C entrance fee principal redemption bonds due 2021
PUBLIC FINANCE AUTHORITY/USA PLACE PARKING FACILITIES LLC (ARIZONA): $103.5 million series 2014 taxable parking revenue bonds; negotiated; KeyBanc Capital Markets LLC (lead); bonds due Feb. 1, 2021; proceeds to construct, equip, acquire and renovate a multilevel parking facility for the USA Place multi-use center anchored by a hotel and conference center in Tempe.
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