Dallas/Fort Worth to remarket $337.08 million joint revenue and refunding airport bonds

By Cristal Cody

Springdale, Ark., March 18 - Dallas and Fort Worth intend to remarket $337.075 million joint revenue bonds for the Dallas/Fort Worth International Airport, according to a preliminary remarketing circular released Tuesday.

The bonds are in an auction-rate mode, but will bear interest at a fixed rate after their delivery following the remarketing.

The remarketing dates were not available, but the cities expect settlement in April.

The remarketing includes $75 million series 2002B; $50 million series 2002C; $56.375 million subseries 2003C-1; and $56.4 million subseries 2003C-2 joint revenue bonds.

The remarketing also will include $49.65 million subseries 2004A-1 and $49.65 million subseries 2004A-2 joint revenue refunding bonds.

The series 2002B, 2002C, subseries 2003C-1, subseries 2004A-1 and subseries 2004A-2 bonds are insured by MBIA Insurance Corp.

XL Capital Assurance insures the subseries 2003C-2 bonds.

The series 2002B and C bonds mature from 2016 through 2035, and the series 2003C-1 and C-2 bonds mature 2011 to 2018.

The series 2004A-1 and A-2 bonds mature 2009 through 2024.

Bear, Stearns & Co. and M.R. Beal & Co. are the remarketing agents.

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