Published on 11/15/2012 in the Prospect News Municipals Daily.
New Issue: Dallas and Fort Worth bring $480 million of airport joint revenue improvement bonds
By Sheri Kasprzak
New York, Nov. 15 - The Cities of Dallas and Fort Worth, Texas, priced $480 million of series 2012H Dallas/Fort Worth International Airport joint revenue improvement bonds, said a pricing sheet.
The bonds (/A+/A+) were sold through Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2025 to 2032 with term bonds due in 2037, 2042 and 2045. The serial coupons range from 3.25% to 5%. The 2037 bonds have a split maturity with a 3.75% coupon priced at 97.465 and a 5% coupon priced at 110.262. The 2042 bonds have a 5% coupon priced at 109.863. The 2045 bonds have a 4% coupon priced at 98.555 and a 5% coupon priced at 109.465.
Proceeds will be used to finance capital improvements to the Dallas/Fort Worth International Airport as well as to fund capitalized interest.
| Issuer: | Cities of Dallas and Fort Worth/Dallas/Fort Worth International Airport
|
| Issue: | Series 2012H joint revenue improvement bonds
|
| Amount: | $480 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan and Cabrera Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Nov. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $29,905,000 | 2025 | Serial | 5% | 115.695
|
| $19.4 million | 2026 | Serial | 5% | 115.104
|
| $15.37 million | 2027 | Serial | 5% | 114.684
|
| $5.37 million | 2028 | Serial | 3.25% | 98.469
|
| $5,765,000 | 2028 | Serial | 5% | 114.182
|
| $16.6 million | 2029 | Serial | 5% | 113.766
|
| $12.43 million | 2030 | Serial | 5% | 113.352
|
| $18.05 million | 2031 | Serial | 5% | 113.022
|
| $33,955,000 | 2032 | Serial | 5% | 112.529
|
| $25 million | 2037 | Term | 3.75% | 97.465
|
| $88,455,000 | 2037 | Term | 5% | 110.262
|
| $126,055,000 | 2042 | Term | 5% | 109.863
|
| $25 million | 2045 | Term | 4% | 98.555
|
| $58,645,000 | 2045 | Term | 5% | 109.465
|
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