City of Cape Coral Refundings and Underwriter Recommendation. January 26, 2015
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1 City of Cape Coral Refundings and Underwriter Recommendation January 26, 2015
2 Tax-Exempt Market Opportunities Tax-exempt interest rates have continued to decline and are near September 2012 all-time historical lows City has several opportunities to refinance outstanding debt for savings Special Obligation Bonds, Series 2006 Water and Sewer Revenue Bonds, Series 2006 Special Assessment Bonds, Series 2003, 2005 and 2006 City issued RFP for underwriter for Special Obligation and Water and Sewer refundings City will issue RFP for bank loan for Special Assessment refunding shortly Bank loan more economic than bond issue due to shorter final maturity 10 Year and 20 Year Municipal Market Data Index Since % 4.00% All-Time Historical Low Today 3.00% 2.00% 1.00% 2.10% 1.47% 2.44% 1.84% 10 Yr MMD Avg 10 Yr MMD (since 2009) 20 Yr MMD Avg 20 Yr MMD (Since 2009) 1
3 Special Obligation Refunding Refinance approximately $45 million in Special Obligation Bonds, Series 2006 Series 2006 Bonds provided approximately $60 million for land acquisition $1 million in unspent proceeds that can be used to pay down bonds Interest rates on callable Series 2006 Bonds range from 4.125% 5.00% Callable on 10/01/16 without penalty Final maturity is 2036 Refunding all-inclusive True Interest Cost is approximately 3.40% Provides $3.5 million in net present value savings, which is 7.8% of bonds refunded 2
4 Combined Special Obligation Refunding and New Money City can add new money needs of $4.9 million for capital vehicles and equipment to refinancing, which creates economies of scale Financing $4.9 million over 7 years combined with refunding results in all-inclusive True Interest Cost of 1.70% Annual savings of $290,000 reduce cash flow effect of new money to $510,000 annually Maturity Example Combined Refunding and New Money* Refunded Series 2006 Debt Service Refunding Debt Service Savings New Money Debt Service Combined Debt Service After Savings 10/1/2015 $1,267,000 $1,100,000 $167,000 $465,300 $1,565,300 10/1/2016 2,172,000 1,887, , ,200 2,688,200 10/1/2017 3,673,000 3,382, , ,200 4,183,200 10/1/2018 3,673,000 3,382, , ,200 4,183,200 10/1/2019 3,673,000 3,382, , ,200 4,183,200 10/1/2020 3,673,000 3,382, , ,200 4,183,200 10/1/2021 3,673,000 3,382, , ,200 4,183,200 10/1/2022 3,673,000 3,382, ,000 3,382,000 10/1/2023 3,673,000 3,382, ,000 3,382,000 10/1/2024 3,673,000 3,382, ,000 3,382,000 10/1/2025 3,673,000 3,382, ,000 3,382,000 10/1/2026 3,673,000 3,382, ,000 3,382,000 10/1/2027 3,673,000 3,382, ,000 3,382,000 10/1/2028 3,673,000 3,382, ,000 3,382,000 10/1/2029 3,673,000 3,382, ,000 3,382,000 10/1/2030 3,673,000 3,382, ,000 3,382,000 10/1/2031 3,673,000 3,382, ,000 3,382,000 10/1/2032 3,673,000 3,382, ,000 3,382,000 10/1/2033 3,673,000 3,382, ,000 3,382,000 10/1/2034 3,673,000 3,382, ,000 3,382,000 10/1/2035 3,673,000 3,382, ,000 3,382,000 $73,226,000 $67,245,000 $5,981,000 $5,272,500 $72,517,500 *Based on market conditions as of 12/4/2014, subject to change. 3
5 Water and Sewer Refunding Refinance $163 million of Water and Sewer Revenue Bonds, Series 2006 Series 2006 Bonds provided approximately $186 million for water and sewer improvements Interest rates on callable Series 2006 Bonds range from 3.875% 5.00% Callable on 10/01/16 without penalty Final Maturity is 2036 Refunding all-inclusive True Interest Cost is approximately 3.30% Refunding $163 million provides approximately $11.3 million in net present value savings, which is 6.9% of bonds refunded 4
6 Special Assessment Refunding Refinance $54 million in Series 2003, Series 2005 and Series 2006 Bonds Southwest 1, Southwest 2, Southwest 3, Pine Island, Southeast 1 Interest rates on callable Bonds range from 3.875% 4.75% Call dates range from currently callable to 10/01/16 without penalty Final maturity is 2026 Refunding all-inclusive True Interest Cost with bank loan estimated at 2.40% Provides approximately $3.1 million in net present value savings, which is 5.75% of bonds refunded Example Annual Savings* Maturity Series 2003 SW3 Series 2005 SW2 Series 2005 SW1, SW3 & Pine Island Series 2006 SE1 Total Savings 9/30/2015 $20,000 $87,000 $73,000 $75,000 $255,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , , ,000 80, ,000 9/30/ , ,000-80, ,000 9/30/ ,000-80, ,000 9/30/ ,000-80, ,000 9/30/ ,000 80,000 $252,000 $1,487,000 $864,000 $955,000 $3,558,000 *Based on market conditions as of 12/4/2014, subject to change. 5
7 Underwriter Recommendation City received 11 proposals to serve as underwriter on the Water and Sewer and Special Obligation Refundings Based on analysis of proposals, City recommends underwriting teams as follows: Approximately $151,000,000 Water and Sewer Refunding 1 Senior Manager Citigroup Firm 2 Co-Manager Wells Fargo 3 Co-Manager Morgan Stanley 4 Co-Manager PNC 5 Co-Manager Loop Approximately $50,000,000 Special Obligation Revenue and Refunding 1 Senior Manager JP Morgan Firm 2 Co-Manager Raymond James 3 Co-Manager Academy 6
8 Requested Action Provide approval to include $4.9 million borrowing for capital vehicles and equipment for police and fire with Special Obligation refunding Approve underwriter recommendation for Special Obligation and Water and Sewer bonds Anticipate pricing bonds in March or April depending on timing of CAFR Schedule may change based on market conditions Will be issuing request for proposal for bank loan for Special Assessment refunding 7
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