TALLAHASSEE, FL – Citizens Property Insurance Corporation this week completed its 2015 hurricane season preparations by closing a $1.0 billion bond transaction to secure ready resources in the event of a major storm.
On Tuesday, Citizens closed on the pre-event bonds that will provide the state’s insurer of last resort with readily available cash to pay claims immediately following a catastrophe.
The pre-event transaction consisted of $700 million of Series 2015A-1 fixed rate bonds and $300 million of Series 2015A-2 SIFMA Floating Rate Notes (FRNs). The bond issue closed on June 2 and was co-led by Bank of America / Merrill Lynch as bookrunner for the Series 2015A-1 Bonds and J.P. Morgan as bookrunner for the Series 2015A-2 SIFMA FRNs.
For entire press release: .pdf| Citizens Property Insurance Corporation