BRADENTON, Fla. – The Central Florida Expressway Authority now says it may advance refund up to $347 million of senior lien revenue bonds on Tuesday.
Moody’s and S&P said the deal’s size was expected to be $148.9 million.
The higher amount, $347 million, was reflected in the preliminary official statement.
“The POS reflects the anticipated max amount of the refunding issue if every callable bond from each of the four series of bonds authorized to be refunded is refunded,” the authority said in a statement to The Bond Buyer Friday. The “size of refunding issue has always been dependent on market rates.”
The expressway authority board authorized up to $410 million to refund all or a portion of its 2007A, 2010A, 2010B, and 2010C bonds, the statement said.
Bank of America Merrill Lynch, Barclays, Citi, Jefferies, Loop Capital Markets, Morgan Stanley & Co., RBC Capital Markets, and Raymond James are co-managers.
PFM Financial Advisors LLC is the authority’s financial advisor.
Broad and Cassel LLP is bond counsel. Nabors, Giblin & Nickerson PA is disclosure counsel. Marchena and Graham PA is underwriters’ counsel.
The rating agency upgrades affected $2.57 billion of outstanding senior debt. Both Moody's and S&P assign stable outlooks to the authority.
The CFEA’s board adopted a $1.6 billion work plan earlier this year - the largest ever in its history - to fund capital and maintenance improvements over the next five years.
