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Item R14
BOARD OF COUNTY COMt'\1ISSIONERS AGENDA ITEM SUMMARY Meeting Date: September 28,2005 Division: County Administrator Bulk Item: Yes -.-X- No Department: County Administrator Staff Contact Person: Connie CyT AGENDA ITEM WORDING: Approval of the appointment of UBS Financial Services as the Underwriter on the Key West Airport Bonds issues for the new McCoy Terminal Complex. ITE1\rf BACKGROUND: Public Financial Management, Inc. (PFM) is providing a recommendation for the book-running senior manager on the proposed Monroe County (Key West Airport) Revenue Bonds, Series 2005 (Series 2005 Bonds), based on proposals submitted to Monroe County, Florida (County) in response to its Request For Proposals(RFP) dated August 3. 2005. The RFP was sent to fifteen national investment banks. The County received responses from all fifteen investment banks. PREVIOUS RELEVANT BOCC ACTION :At the April 20, 2005 BOCC meeting a presentation was done by Newton & Associates, Inc. regarding the Proposed Plan of Finance for the Key West International Airport Terminal Development Program and staff was directed by the BOCC to move forward with project. CONTRACT/AGREEMENT CHANGES: N/A ST AFF RECOMMENDATIONS: Approval TOT AL COST: $1.60 per bond issued. $56.000.00 BUDGETED: Yes NoX COST TO COUNTY: N/A SOURCE OF FUNDS: REVENUE PRODUCING: Yes No x AMOUNT PER MONTH_ Year APPROVED BY: County Atty _ OMB/Purchasing _ Risk Management_ DIVISION DIRECTOR APPROVAL: !J~ '1. Wiffi - (TYPE NAME HERE) DOCUMENTATION: Included x Not Required_ DISPOSITION: AGENDA ITEM # Revised 2/05 13350 Metro Parkway Suite 302 Fort Myers, Fl 33912~4 796 239"939~3009 239~939-1220 fax www.pfm.com ~.' The PEV, Group August 29, 2005 Mr. Tom Willi County Administrator Finance and Administration The Historic Gato Cigar Factory 1100 Simonton Street Key West, FL 33040 Re: Analysis ofUndervvTiter Proposals for Monroe COlmty (Key West Airport) Revenue Bonds Dear Tom: Public Financial Management, Inc. ("PFM") is pleased to provide a recommendation for the book- running senior manager on the proposed Monroe County (Key West Airport) Revenue Bonds. Series 2005 ("Series 2005 Bonds"), based on proposals submitted to Monroe County, Florida ("Cotmty") in response to its Request For Proposals ("RFP") dated August 3, 2005. TIle RFP was sent to tlfleen national investment banks. The COlmty received responses from all fifteen investment banks (seen below): A.G. Edwards Bank of America Bear Sterns Citigroup Fifth Third Securities J.P. Morgan Lehman Brothers Memll Lynch Morgan Keegan Morgan Stanley Raymond James RBC Dain SunTrust UBS Financial Services Wachovia The RFP requested information from proposers and their ideas with respect to the Series 2005 Bonds as they relate to the variable rate debt issuance, As specified in the RFP, a successful proposer would be fully responsive to the following criteria: 1. Experience of the Finn with variable rate (especially Florida) Financings H. Willingness and Ability to Commit Capital HI. Experience of the Firm with Airport Financings IV. Innovative Techniques v. Rating and Insurance approach VB. Disclosure of Other Information Tom Willi Aug us! 29, 2005 Page 2 PROPOSAL RESULTS To assist the County in its evaluation of the proposals, PFM prepared a matrix (attached) summarizing the responses of each proposer. The following are the highlights: i.a) Describe briefly the organization of firm and the firm's capital position for the last three years. Provide most recent FOCUS report filed with the SEC. The proposers all seemed capable from a capital stand point to underwrite the County's airport debt. PFM found that Citigroup had the greatest level of excess net capital at $3.5 billion and second was Morgan &anley's excess net capital of $2.9 billion. CBS' excess net capital was $1.3 billion. i.b) State your desire as to being considered as senior manager or co-manager on the County's bond issue. All proposals stated their desire to be senior manager and most stated their desire to be either senior manager or co-manager. i.c) Please state why your firm is the most qualified investment bank to senior manage this transaction. Most finns focused on experience. All had some sort of variable rate debt issuance experience and airport financing experience. Some qualifying information was: B of A was ranked number one in credit enhancement. Citigroup holds 19.7 percent of airport financing market share, Lehman is the largest underwriter of airport revenue bonds and airport related financings. Morgan Stanley has two retail offices in the Florida Keys and VBS has been ranked second since 2002 in airport financings. ita) Provide three examples of innovative techniques your firm has used in airport financings over the past three years. Finns explored a wide range of financing strategies to approach the airport debt issuance considering Variable Rate Demand Bonds and Auction Rate Securities. Most included an example of using swaps. The following are some of the major ideas explored by bankers: Bank of America-Worked with Jacksonville Economic Development $14.7 M VRDBs which was secured by a Letter of Credit by B of A. Citi1rroup-~~Worked with Albuquerque. New Mexico Airport to achieve an AA rating, becoming the smallest airport with such rating. Lehman~mmVnderwTiter for the first ARS issue for a Florida airport (Miami-Dade). Merrill Lvnc~mAided Augusta Regional Airport to become the smallest airport to ever receive investment grade ratings. Monran Kee2an-W orked to minimize AMT penalty on an airport deal by back- loading principal into three tenn bonds. Mor2an StanleVmmStructured Broward County's Airport bonds as 35-day reset in order to minimize AMT bond spreads. VBS-Assisted Jacksonville Aviation Authority with legal issues relating to AMT and PFCs and assisted with the conversion from ARS to VRDBs. Tom Willi Augu st 29, 2005 Page 3 ii.b) State the advantages and disadvantages of both VRDBs and ARS. Each of the proposers included the requested information as well as their reasoning as to which is more suitable for the County. The availability of reasonably priced bond insurance was most often cited as an obstacle to using ARS. ii.c) Provide a strategy to approach rating agencies and insurance agencies (AAA) to ensure the appropriate rating and insurance bid for the County. Most proposals suggested rating and insurance presentations several weeks prior to the financing. Several bankers answered the question with much more detail B of A suggests obtaining a Letter of Credit ("LOC") from B of A or seeking a rating indicator. Bear suggests the County focus on Stand Alone PFC Bonds, which are generally rated "A" or "Baa" Bear also provided strategies to hedge against risks associated with PFCs. Morgan Stanley suggests the County solicit LOC providers while seeking Insurance bids. VBS recommended getting a1 S&P rating indicator that would not be released if not satisfactory but would allow insurers to betters price bond insurance. iiLa) Provide a tabular presentation of the senior managed bond issues for which your firm has served over the past two years. Each of the proposers provided information; however. some did not separate senior managed and co-manager experience. The following lists some of the most qualified bankers: Citigroup--.Senior managed 53 airportfinancings (9 ARS and 7 VRDBs) Lehman Brothers ~.Senior managed 31 airport financings (I ARS and 3 VRDBs) Bear Sterns-Senior managed 28 airport financings (3 ARS and 2 VRDBs) UBS-.Senior managed 24 airport financings (5 ARS and 3 VRDBs) JP Mon~an-...Senior managed 21 airport financings (8 ARS and 3 VRDBs) iii.b) Provide a brief discussion relating to the use of co-managers and/or selling group. Most proposers suggest the County use only one senior manager for this financing. And lIDst agreed to serve as co-manager if not selected as senior manager by the County, (intentionally left blank) Tom Willi August 29, 2005 Page 4 iv.a & b) Provide fees and expenses required for the underwriting services for the proposed bond issuance of $35 million. All proposers provided some type of fee breakdown. The following are the details regarding a debt issuance of $35 million: Banker ARS VRDO - $35M Par $35M Par AG Edwards Bank of America $2.21/Bond + 6 bps 2.21 + 6 Bear Stearns 2.9 +25 1.65 + 6 Citigroup 3.39 + 25 2.14 + 8 Fifth Third 3.72 + 8 JP Morgan 5.04 + 25 3.29 + 7 Lehman Bros 2.95 + 25 1.7 + 50 Merrill Lynch 2m + 25 2.51 + 7 Morgan Keegan 2.25 + 26 [,8 + 6 + 60 Morgan Stanley 5.25 + 26 3,00 + 8 Raymond James 3.01 + 25 3.01 + 7 RBC Dain 2.91 + 8 2.91 + 8 SunTrust 2.84 + 0 1.77 + 0 VBS 4.08 + 25 1.58 + 8 Wachovia 4.95 + 22 2.98 + 8 v.a) Are there any investigations by the Securities and Exchange Commission, or any other regulatory body or court, or pertinent litigation regarding the conduct of your firm, its management, and public finance/municipal bond departments. All proposals included a pending litigation section. None of the infonnation disclosed should affect the County's future issuance of debt. In order to accomplish the objectives of the RFP, PFM ranked all ofthe finns. The nmkings must be viewed in the context of (a.) several of the firms are qualified to serve as an excellent senior book- running manger on the Series 2005 Bonds and (b.) the qualitative natrdtive responses are hardly quantifiable. Our ranking for national investment banks is as follows: 1. VBS Financial Services 2. CitiGroup 3. Bear Stems 4. Morgan Stanley All ti)ur finns are large multinational investment banks with a strong Florida presence capable of effectively selling the COmty's bonds. The top-ranked finn, UBS, is recommended as the senior manager. the book-runner. The next three finns may be considered for co-manager, if the COlmty chooses that option. PFM believes a sole manager will be quite sufficient; however, UBS suggests adding one or two MWDBE or regional firms as co-managers. Tom Willi August 29, 2005 Page 5 PFM believes that UBS submitted the most compelling proposal on the Series 2005 Bonds based on the specifications of the RFP. UBS' proposal demonstrates a strong track record in completing airport transactions as senior managing underwriter. UBS' experienced staff. as demonstrated in its proposal, coupled with its sound marketing strategy \vill best serve the needs of the County. Although Citigroup has more airport experience, their confidence in achieving an underlying rating seemed overly aggressive when compared to the other proposal; and PFM's experience. UBS has experience in variable rate airport debt issuance in Florida as well as a realistic approach to rating agencies and insurers. We will be glad to discuss the underlying details of our recommendation with you further at our meeting on Wednesday or at your convenience. Thank you. Sincerely yours, PUBLIC FINANCIAL MANAGEMENT Hal W. Canary, CPA Managing Director Attachments 0[; c ..... u C t":I C ... r,.. ;7:,. ~ ,~ E '"" vc' .l) <-: ~ w .~ ~~ :c-, "'='!"' ~ -c ... .. o fr :( . ~ <' :?,..,.,.. III!II .. <B '" ~ '" o 0.. o .. p., .. u .E ::: .. 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