HomeMy WebLinkAboutBack-Up DocumentPFNI
The PFM Group
Financial & Investment Advisors
SOURCES AND USES OF FUNDS
City of Miami, FL - CRA
Preliminary Financing Numbers
Dated Date 03/01/2017
Delivery Date 03/01/2017
Sources:
Bond Proceeds
Par Amount 16,625,000.00
Premium 1,043,573.60
17,668,573.60
Uses:
Project Fund Deposits:
Project Fund 17,500,000.00
Delivery Date Expenses
Cost of Issuance
83,125.00
Underwriter's Discount
83,125.00
166,250.00
Other Uses of Funds:
Additional Proceeds
2,323.60
17,668,573.60
Note: Preliminary numbers for discussion purposes only.
Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 1
PFNI
The PFM Group
Financial & Investment Advisors
BOND SUMMARY STATISTICS
City of Miami, FL - CRA
Preliminary Financing Numbers
Dated Date
03/01/2017
Delivery Date
03/01/2017
First Coupon
09/01/2017
Last Maturity
03/01/2030
Arbitrage Yield
3.952159%
True Interest Cost (TIC)
4.087184%
Net Interest Cost (NIC)
4.247563%
All -In TIC
4.163339%
Average Coupon
5.000000%
Average Life (years)
7.678
Weighted Average Maturity (years)
7.704
Duration of Issue (years)
6.355
Par Amount
16,625,000.00
Bond Proceeds
17,668,573.60
Total Interest
6,382,250.00
Net Interest
5,421,801.40
Bond Years from Dated Date
127,645,000.00
Bond Years from Delivery Date
127,645,000.00
Total Debt Service
23,007,250.00
Maximum Annual Debt Service
1,772,000.00
Average Annual Debt Service
1,769,788.46
Underwriter's Fees (per $1000)
Average Takedown
Other Fee
5.000000
Total Underwriter's Discount
5.000000
Bid Price
105.777134
Par
Average Average
PV of 1 by
Bond Component Value Price
Coupon Life
change
Bond Component 16,625,000.00 106.277
5.000% 7.678
10,292.10
16,625,000.00
7.678
10,292.10
All -In
Arbitrage
TIC
TIC
Yield
Par Value 16,625,000.00
16,625,000.00
16,625,000.00
+ Accrued Interest
+ Premium (Discount) 1,043,573.60
1,043,573.60
1,043,573.60
- Underwriter's Discount -83,125.00
-83,125.00
- Cost of Issuance Expense
-83,125.00
- Other Amounts
Target Value 17,585,448.60
17,502,323.60
17,668,573.60
Target Date 03/01/2017
03/01/2017
03/01/2017
Yield 4.087184%
4.163339%
3.952159%
Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 2
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BOND PRICING
City of Miami, FL - CRA
Preliminary Financing Numbers
Maturity Yield to Call
Bond Component Date Amount Rate Yield Price Maturity Date
Call Premium
Price (-Discount)
Bond Component:
03/01/2017
Delivery Date
03/01/2017
First Coupon
09/01/2017
03/01/2018
940,000
5.000%
2.710%
102.244
21,093.60
03/01/2019
985,000
5.000%
2.980%
103.893
38,346.05
03/01/2020
1,035,000
5.000%
3.180%
105.168
53,488.80
03/01/2021
1,085,000
5.000%
3.390%
105.975
64,828.75
03/01/2022
1,140,000
5.000%
3.510%
106.778
77,269.20
03/01/2023
1,200,000
5.000%
3.650%
107.215
86,580.00
03/01/2024
1,260,000
5.000%
3.800%
107.315
92,169.00
03/01/2025
1,320,000
5.000%
3.930%
107.284
96,148.80
03/01/2026
1,385,000
5.000%
4.010%
107.417
102,725.45
03/01/2027
1,455,000
5.000%
4.080%
107.492
109,008.60
03/01/2028
1,530,000
5.000%
4.150%
106.899 C 4.210% 03/01/2027 100.000
105,554.70
03/01/2029
1,605,000
5.000%
4.230%
106.225 C 4.329% 03/01/2027 100.000
99,911.25
03/01/2030
1,685,000
5.000%
4.290%
105.724 C 4.417% 03/01/2027 100.000
96,449.40
16,625,000 1,043,573.60
Dated Date
03/01/2017
Delivery Date
03/01/2017
First Coupon
09/01/2017
Par Amount
16,625,000.00
Premium
1,043,573.60
Production
17,668,573.60 106.277134%
Underwriter's Discount
-83,125.00 -0.500000%
Purchase Price
17,585,448.60 105.777134%
Accrued Interest
Net Proceeds 17,585,448.60
Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 3
PFNI
The PFM Group
Financial & Investment Advisors
BOND DEBT SERVICE
City of Miami, FL - CRA
Preliminary Financing Numbers
Period
Ending
Principal
Coupon
Interest
Debt
Service
03/01/2018
940,000
5.000%
831,250
1,771,250
03/01/2019
985,000
5.000%
784,250
1,769,250
03/01/2020
1,035,000
5.000%
735,000
1,770,000
03/01/2021
1,085,000
5.000%
683,250
1,768,250
03/01/2022
1,140,000
5.000%
629,000
1,769,000
03/01/2023
1,200,000
5.000%
572,000
1,772,000
03/01/2024
1,260,000
5.000%
512,000
1,772,000
03/01/2025
1,320,000
5.000%
449,000
1,769,000
03/01/2026
1,385,000
5.000%
383,000
1,768,000
03/01/2027
1,455,000
5.000%
313,750
1,768,750
03/01/2028
1,530,000
5.000%
241,000
1,771,000
03/01/2029
1,605,000
5.000%
164,500
1,769,500
03/01/2030
1,685,000
5.000%
84,250
1,769,250
16,625,000
6,382,250
23,007,250
Dec 5, 2016 4:21 pm Prepared by Public Financial Management, Inc. Page 4