Published on 2/26/2015 in the Prospect News Municipals Daily.
New Issue: New Orleans Aviation, La., sells $565.34 million general airport bonds
By Sheri Kasprzak
New York, Feb. 26 – The New Orleans Aviation Board sold $565.34 million of series 2015 general airport revenue bonds for the Louis Armstrong International Airport, according to a pricing sheet. The offering size was cut from $590 million.
The deal included $54.55 million of series 2015A non-AMT North Terminal project bonds and $510.79 million of series 2015B AMT North Terminal project bonds.
The 2015A bonds are due 2024 to 2035 with term bonds due in 2040 and 2045. The serial bonds have 5% coupons. The 2040 bonds have a 5% coupon priced at 112.662, and the 2045 bonds have a 5% coupon priced at 112.222.
The 2015B bonds are due 2024 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 4% to 5%. The 2040 bonds have a 5% coupon priced at 110.135, and the 2045 bonds have a 5% coupon priced at 109.706.
The bonds (A3/A-/A-) were offered through senior manager Citigroup Global Markets Inc.
Proceeds will be used to construct a new North Terminal and related improvements, including aircraft aprons, a parking garage, central utility plant and roadway and ground transportations systems.
| Issuer: | New Orleans Aviation Board/Louis Armstrong International Airport
|
| Issue: | Series 2015 general airport revenue bonds
|
| Amount: | $565.34 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Backstrom McCarley Berry & Co., Blaylock Beal Van LLC, Dorsey & Co. Inc., Harvestons Securities Inc., Loop Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Sisung Securities Corp. (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A-
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 26
|
|
|
| $54.55 million series 2015A non-AMT North Terminal project bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.19 million | 2024 | Serial | 5% | 119.389
|
| $1,275,000 | 2025 | Serial | 5% | 119.716
|
| $1.31 million | 2026 | Serial | 5% | 117.927
|
| $1.36 million | 2027 | Serial | 5% | 116.814
|
| $1,435,000 | 2028 | Serial | 5% | 115.896
|
| $1.5 million | 2029 | Serial | 5% | 115.259
|
| $1.58 million | 2030 | Serial | 5% | 114.716
|
| $1,655,000 | 2031 | Serial | 5% | 114.266
|
| $1,735,000 | 2032 | Serial | 5% | 113.907
|
| $1.83 million | 2033 | Serial | 5% | 113.55
|
| $1,915,000 | 2034 | Serial | 5% | 113.194
|
| $2,015,000 | 2035 | Serial | 5% | 112.839
|
| $13,965,000 | 2040 | Term | 5% | 112.662
|
| $21,785,000 | 2045 | Term | 5% | 112.222
|
|
|
| $510.79 million series 2015B AMT North Terminal project bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $11.24 million | 2024 | Serial | 5% | 116.819
|
| $11.78 million | 2025 | Serial | 5% | 116.907
|
| $12.39 million | 2026 | Serial | 4% | 107.006
|
| $12,905,000 | 2027 | Serial | 5% | 114.266
|
| $13.54 million | 2028 | Serial | 5% | 114.445
|
| $14,225,000 | 2029 | Serial | 5% | 112.751
|
| $14.93 million | 2030 | Serial | 5% | 112.222
|
| $15.68 million | 2031 | Serial | 5% | 111.783
|
| $16.47 million | 2032 | Serial | 5% | 112.486
|
| $17.28 million | 2033 | Serial | 5% | 112.134
|
| $18.16 million | 2034 | Serial | 5% | 110.739
|
| $19.06 million | 2035 | Serial | 5% | 110.393
|
| $129.37 million | 2040 | Term | 5% | 110.135
|
| $203.76 million | 2045 | Term | 5% | 109.706
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
