Philadelphia preps $619.32 million sale of airport revenue bonds

By Sheri Kasprzak

New York, Oct. 20 - The City of Philadelphia is set to sell $619.32 million in series 2010 airport revenue bonds, according to a preliminary official statement.

The offering includes $267.67 million in series 2010A non-AMT bonds, $25.13 million in series 2010B non-AMT refunding bonds, $56.215 million in series 2010C AMT refunding bonds and $270.305 million in series 2010D AMT refunding bonds.

The bonds (A2/A+/A) will be sold through senior manager Bank of America Merrill Lynch. The co-senior managers are J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Morgan Stanley & Co. Inc.

The co-managers are Jackson Securities Inc., Morgan Keegan & Co. Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC.

The 2010A bonds are due 2011 to 2030 with term bonds due 2035 and 2040. The 2010B bonds are due 2011 to 2015, and the 2010C bonds are due 2011 to 2018. The 2010D bonds are due 2011 to 2020 with term bonds due 2025 and 2028.

Proceeds will be used to upgrade and modernize airport facilities, as well as to refund the city's series 1997A airport revenue refunding bonds and its series 1998A airport revenue refunding bonds.

© 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.