Published on 1/22/2016 in the Prospect News Municipals Daily.
New Issue: Lakeland, Fla., offers up $134.1 million of energy system revenue bonds
By Sheri Kasprzak
New York, Jan. 22 – The City of Lakeland, Fla., sold $134.1 million of series 2016 energy system revenue and refunding bonds, said a term sheet. The bonds were upsized from $124,545,000.
The bonds (Aa3/AA/AA) were sold via senior managers Goldman, Sachs & Co. and BofA Merrill Lynch.
The bonds are due 2016 to 2036 with 2% to 5% coupons and yields from 0.42% to 3.11%.
Proceeds will be used to finance energy delivery and production projects, as well as to refund the city’s series 2006 bonds.
| Issuer: | City of Lakeland, Fla.
|
| Issue: | Series 2016 energy system revenue and refunding bonds
|
| Amount: | $134.1 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. and BofA Merrill Lynch (lead)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Jan. 21
|
| Settlement date: | Feb. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,445,000 | 2016 | Serial | 2% | 101.033 | 0.42%
|
| $4,115,000 | 2017 | Serial | 5% | 107.098 | 0.68%
|
| $4,305,000 | 2018 | Serial | 5% | 110.817 | 0.87%
|
| $4,515,000 | 2019 | Serial | 5% | 114.321 | 1.00%
|
| $4.73 million | 2020 | Serial | 5% | 117.551 | 1.12%
|
| $9,565,000 | 2021 | Serial | 5% | 120.231 | 1.28%
|
| $9.97 million | 2022 | Serial | 5% | 122.301 | 1.47%
|
| $10,425,000 | 2023 | Serial | 5% | 124.159 | 1.63%
|
| $10.9 million | 2024 | Serial | 5% | 125.266 | 1.83%
|
| $11.42 million | 2025 | Serial | 5% | 126.621 | 1.96%
|
| $11.94 million | 2026 | Serial | 5% | 126.395 | 2.10%
|
| $12.49 million | 2027 | Serial | 2.5% | 100.714 | 2.42%
|
| $12.76 million | 2028 | Serial | 2.75% | 101.061 | 2.63%
|
| $8,755,000 | 2029 | Serial | 2.875% | 100.745 | 2.79%
|
| $2.15 million | 2030 | Serial | 3% | 100.346 | 2.96%
|
| $1.85 million | 2031 | Serial | 3.125% | 100.127 | 3.11%
|
| $1,945,000 | 2032 | Serial | 5% | 121.197 | 2.61%
|
| $2,045,000 | 2033 | Serial | 5% | 120.8 | 2.65%
|
| $2.15 million | 2034 | Serial | 5% | 120.405 | 2.69%
|
| $2,255,000 | 2035 | Serial | 5% | 119.913 | 2.74%
|
| $2.37 million | 2036 | Serial | 5% | 119.423 | 2.79%
|
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