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Published on 2/10/2011 in the Prospect News Municipals Daily.

New Issue: Memphis-Shelby County Airport Authority, Tenn., sells $111 million refunding bonds

By Sheri Kasprzak

New York, Feb. 10 - The Memphis-Shelby County Airport Authority of Tennessee sold $111 million of series 2011 refunding revenue bonds on Thursday, said a term sheet.

The offering included $96 million of series 2011A-1 AMT bonds and $15 million of series 2011A-2 non-AMT bonds.

The bonds (A2/A-/A+) were sold through Morgan Keegan & Co. Inc. with Cabrera Capital Markets LLC, J.P. Morgan Securities LLC and Duncan-Williams Inc. as the co-managers.

The 2011A-1 bonds are due 2012 to 2022 with 3% to 6% coupons. The 2011A-2 bonds are due 2011 to 2018 with 3% to 5.5% coupons.

Proceeds will be used to refund the airport authority's series 1999D and 2001A AMT bonds.

Issuer:Memphis-Shelby County Airport Authority
Issue:Series 2011 refunding revenue bonds
Amount:$111 million
Type:Negotiated
Underwriters:Morgan Keegan & Co. Inc. (lead), Cabrera Capital Markets LLC, J.P. Morgan Securities LLC and Duncan-Williams Inc. (co-managers)
Ratings:Moody's: A2
Standard & Poor's: A-
Fitch: A+
Pricing date:Feb. 10
Settlement date:March 3
$96 million series 2011A-1 AMT bonds
MaturityTypeCoupon
2012Serial3%
2013Serial4%
2014Serial5%
2015Serial5%
2016Serial5%
2017Serial5%
2018Serial5%
2019Serial5.75%
2020Serial5.75%
2021Serial6%
2022Serial6%
$15 million series 2011A-2 non-AMT bonds
MaturityTypeCoupon
2011Serial3%
2012Serial3%
2013Serial4%
2014Serial5%
2015Serial5%
2016Serial5%
2017Serial5.5%
2018Serial5.5%

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