Cleveland preps $150.49 million of airport system revenue bonds

By Sheri Kasprzak

New York, Feb. 8 – The City of Cleveland is set to price $150,495,000 of series 2016 airport system revenue bonds Tuesday, according to a preliminary official statement.

The deal includes $112.86 million of series 2016A non-AMT bonds and $37,635,000 of series 2016B non-AMT forward delivery bonds.

The bonds (Baa1/A-/BBB+) will be sold on a negotiated basis with Stifel, Nicolaus & Co. Inc. and J.P. Morgan Securities LLC as the senior managers. The co-managers are BofA Merrill Lynch, Estrada Hinojosa & Co. Inc., IFS Securities Inc., Loop Capital Markets LLC and The Williams Capital Group LP.

The 2016A bonds are due 2018 to 2031, and the 2016B bonds are due 2022 to 2024.

Proceeds will be used to refund the city’s series 2000C revenue bonds.

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