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Okaloosa County BOCC — August 5, 2014 — First Southwest - Presentation — reading text
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1,555,708 1,443,325 2,999,033
2027 1,557,548 1,443,038 3,000,586
2028 1,557,487 1,441,688 2,999,175
2029 1,559,852 1,444,275 3,004,127
2030 1,555,657 1,445,588 3,001,245
2031 1,558,407 1,440,625 2,999,032
O K A L O O S A
2032 1,559,329 1,444,600 3,003,929
2033 1,558,423 1,442,088 3,000,510
2034 1,555,688 1,443,300 2,998,988
2035 1,556,126 1,443,025 2,999,151
2036 1,558,500 1,442,613 3,001,113
2037 1,558,596 1,444,838 3,003,433
C O U N T Y ,
2038 1,556,412 1,444,438 3,000,849
2039 1,556,949 1,441,413 2,998,362
2040 1,440,763 1,440,763
2041 1,442,225 1,442,225
2042 1,445,538 1,445,538
F L O R I D A
2043 1,445,438 1,445,438
2044 1,441,925 1,441,925
Total $ 654,050 $ 38,281,269 $ 41,853,088 $ 80,788,407
- Series 2014 Debt Service Preliminary and Subject to Change
- * Net Interest from Federal Subsidy
Member FINRA & SIPC © 2014
7 First Southwest Company
Estimated Timetable
Estimated Timetable
August 5th Approval of Preliminary Financing Plan
Credit
September 2nd Submit Bond Rating Packages
Week of September 15th Ratings Presentations
October 6th Approval of Bond Documents
O K A L O O S A
October 15th Lock in Interest Rates
October 30th Closing and Transfer of Funds
C O U N T Y ,
F L O R I D A
Member FINRA & SIPC © 2014
8 First Southwest Company
Interim Financing
With permanent financing approximately 90 to 120 days away:
The County Staff is recommending interim financing of approximately $5 million in
order to handle funding issues prior to the closing of the bonds.
Discussions with the County Bank – SunTrust Bank for a 4 month draw down line of
credit for $5 million based on above schedule.
Preliminary Terms of the Line of Credit:
Interest Rate: 1-Month Libor plus 1.30% x 68% (Currently 0.986%*)
O K A L O O S A
Unused LOC Fee: 0.20%
Estimated Cost of Issuance: $25,000
C O U N T Y ,
Loan Approval / Documents Approved at August 19th meeting. Closing August 21st
*Preliminary/Subject to Change as of 7/21/2014
F L O R I D A
Member FINRA & SIPC © 2014
9 First Southwest Company
Financing Team
Financing Team
Bond/Disclosure Counsel Nabors, Giblin & Nickerson
Financial Advisor FirstSouthwest
Bond Underwriters Crews & Associates
RBC Capital
O K A L O O S A
C O U N T Y ,
F L O R I D A
Member FINRA & SIPC © 2014
10 First Southwest Company