By Sheri Kasprzak
New York, Feb. 9 - Clark County in Nevada sold $578 million in series 2010 airport system revenue bonds on Tuesday, according to term sheets.
The bonds (Aa2/AA-/) were sold through Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC.
The sale included $453 million in series 2010C Build America Bonds, which were priced through Citi, and $125 million in series 2010D tax-exempt bonds, which were priced through Siebert.
The tax-exempt bonds are due 2015 to 2024 with 3% to 5% coupons and yields from 2.5% to 4.37%.
The pricing details for the Build America Bonds, which are due 2045, were not immediately available.
Proceeds will be used to fund capital improvements to the county's airport system.
| Issuer: | Clark County, Nev.
|
| Issue: | Series 2010 airport system revenue bonds
|
| Amount: | $578 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2010C); Siebert Brandford Shank & Co. LLC (lead for 2010D)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2015 | Serial | 5% | 2.5%
|
| 2016 | Serial | 3% | 2.98%
|
| 2016 | Serial | 5% | 2.98%
|
| 2017 | Serial | 4% | 3.33%
|
| 2017 | Serial | 5% | 3.33%
|
| 2018 | Serial | 3.6% | 3.61%
|
| 2018 | Serial | 5% | 3.61%
|
| 2019 | Serial | 4.5% | 3.81%
|
| 2019 | Serial | 5% | 3.81%
|
| 2020 | Serial | 3.9% | 3.95%
|
| 2020 | Serial | 5% | 3.95%
|
| 2021 | Serial | 4% | 4.05%
|
| 2021 | Serial | 5% | 4.05%
|
| 2022 | Serial | 4.15% | 4.16%
|
| 2022 | Serial | 5% | 4.16%
|
| 2023 | Serial | 5% | 4.27%
|
| 2024 | Serial | 4.35% | 4.37%
|
| 2024 | Serial | 5% | 4.37%
|
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