By Sheri Kasprzak
New York, Nov. 7 - Palm Beach County in Florida has priced $94.235 million in series 2008-2 public improvement revenue bonds, said an official statement released Friday.
The bonds (Aa1/AA+/AA+) priced Thursday through lead manager Loop Capital Markets. The co-managers were Jackson Securities, Janney Montgomery Scott, Merrill Lynch & Co. and Raymond James & Associates.
The bonds are due 2009 to 2025 with a term bond due 2028. The serials have coupons from 4% to 5.5% with yields from 1.83% to 5.31%. The 2028 bonds have a 5.375% coupon to yield 5.4%.
Proceeds will be used to fund a portion of the county's obligation to the Max Planck Florida Corp. to establish a biomedical research facility. The rest will be used to refinance obligations to the Sunshine State Governmental Financing Commission from the $48.872 million outstanding in series J commercial paper revenue notes.
| Issuer: | Palm Beach County, Fla.
|
| Issue: | Series 2008-2 public improvement revenue bonds
|
| Amount: | $94.235 million
|
| Type: | Negotiated
|
| Underwriter: | Loop Capital Markets (lead), Jackson Securities, Janney Montgomery Scott, Merrill Lynch & Co. and Raymond James & Associates (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 13
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.83%
|
| 2010 | Serial | 4% | 2.85%
|
| 2011 | Serial | 4% | 3.20%
|
| 2012 | Serial | 4% | 3.51%
|
| 2013 | Serial | 5% | 3.75%
|
| 2014 | Serial | 5% | 3.94%
|
| 2015 | Serial | 5% | 4.09%
|
| 2016 | Serial | 5% | 4.27%
|
| 2017 | Serial | 5% | 4.45%
|
| 2018 | Serial | 5.5% | 4.64%
|
| 2019 | Serial | 5.5% | 4.82%
|
| 2020 | Serial | 5% | 4.98%
|
| 2021 | Serial | 5.25% | 5.07%
|
| 2022 | Serial | 5.25% | 5.13%
|
| 2023 | Serial | 5.2% | 5.19%
|
| 2024 | Serial | 5.25% | 5.25%
|
| 2025 | Serial | 5.25% | 5.31%
|
| 2028 | Term | 5.375% | 5.40%
|
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