Published on 11/12/2013 in the Prospect News Municipals Daily.
New Issue: Los Angeles Airports Department brings $241.86 million of revenue bonds
By Sheri Kasprzak
New York, Nov. 12 - The Los Angeles Airports Department priced $241.86 million of series 2013 revenue bonds, according to an official statement.
The deal included $170,685,000 of series 2013A senior AMT bonds (Aa3/AA/AA) and $71,175,000 of series 2013B subordinate non-AMT bonds (A1/AA-/AA-).
The 2013A bonds are due 2024 to 2033 with term bonds due in 2038 and 2043. The serial bonds have 5% coupons with 3.49% to 4.71% yields. The 2038 bonds have a 5% coupon to yield 4.88%, and the 2043 bonds have a 5% coupon to yield 4.98%.
The 2013B bonds are due 2016 to 2034 with a term bond due in 2038. The serial bonds have 5% coupons with 0.48% to 4.49% yields. The 2038 bonds have a 4.625% coupon to yield 4.67% and a 5% coupon to yield 4.65%.
The bonds were sold through De La Rosa & Co. Inc.
Proceeds will be used to finance the construction and reconfiguring of the airport's Bradley West terminal, as well as to make other capital improvements at the airport.
| Issuer: | Los Angeles Airports Department
|
| Issue: | Series 2013 revenue bonds
|
| Amount: | $241.86 million
|
| Type: | Negotiated
|
| Underwriters: | De La Rosa & Co. Inc. (lead), J.P. Morgan Securities LLC, Loop Capital Markets LLC and Ramirez & Co. Inc. (co-managers)
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 19
|
|
|
| $170,685,000 series 2013A senior AMT bonds (Aa3/AA/AA)
|
| Amount | Maturity | Type | Coupon | Yield
|
| $6.62 million | 2024 | Serial | 5% | 3.49%
|
| $6,955,000 | 2025 | Serial | 5% | 3.66%
|
| $7.3 million | 2026 | Serial | 5% | 3.87%
|
| $7,665,000 | 2027 | Serial | 5% | 4.06%
|
| $8.05 million | 2028 | Serial | 5% | 4.21%
|
| $8.45 million | 2029 | Serial | 5% | 4.34%
|
| $8.87 million | 2030 | Serial | 5% | 4.46%
|
| $9,315,000 | 2031 | Serial | 5% | 4.56%
|
| $9,785,000 | 2032 | Serial | 5% | 4.65%
|
| $10.27 million | 2033 | Serial | 5% | 4.71%
|
| $59,585,000 | 2038 | Term | 5% | 4.88%
|
| $27.82 million | 2043 | Term | 5% | 4.98%
|
|
|
| $71,175,000 series 2013B subordinate non-AMT bonds (A1/AA-/AA-)
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1.72 million | 2016 | Serial | 5% | 0.48%
|
| $1,805,000 | 2017 | Serial | 5% | 0.78%
|
| $1,895,000 | 2018 | Serial | 5% | 1.10%
|
| $1.99 million | 2019 | Serial | 5% | 1.56%
|
| $2.09 million | 2020 | Serial | 5% | 2.20%
|
| $2,195,000 | 2021 | Serial | 5% | 2.38%
|
| $2.3 million | 2022 | Serial | 5% | 2.69%
|
| $2,415,000 | 2023 | Serial | 5% | 2.93%
|
| $2.54 million | 2024 | Serial | 5% | 3.16%
|
| $2,665,000 | 2025 | Serial | 5% | 3.38%
|
| $2.8 million | 2026 | Serial | 5% | 3.57%
|
| $2.94 million | 2027 | Serial | 5% | 3.75%
|
| $3,085,000 | 2028 | Serial | 5% | 3.92%
|
| $3.24 million | 2029 | Serial | 5% | 4.05%
|
| $3.4 million | 2030 | Serial | 5% | 4.17%
|
| $3.57 million | 2031 | Serial | 5% | 4.26%
|
| $3.75 million | 2032 | Serial | 5% | 4.35%
|
| $3.94 million | 2033 | Serial | 5% | 4.42%
|
| $4,135,000 | 2034 | Serial | 5% | 4.49%
|
| $1,015,000 | 2038 | Term | 4.625% | 4.67%
|
| $17,685,000 | 2038 | Term | 5% | 4.65%
|
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