Published on 4/27/2012 in the Prospect News Municipals Daily.
New Issue: Dallas and Fort Worth, Texas, sells $274.93 million of airport refunding and improvement bonds
By Sheri Kasprzak
New York, April 27 - The Cities of Dallas and Fort Worth, Texas, priced $274,925,000 of series 2012C non-AMT joint revenue refunding and improvement bonds for the Dallas-Fort Worth International Airport, said a pricing sheet.
The bonds (A1/A+/A+) were sold on a negotiated basis with Loop Capital Markets LLC and RBC Capital Markets LLC. The co-managers were Jefferies & Co. and Raymond James/Morgan Keegan.
The bonds are due 2013 to 2028 with term bonds due in 2031 and 2045. The serial coupons range from 1.5% to 5% and yields from 0.63% to 3.65%. The 2031 bonds have a 5% coupon to yield 3.60%. The 2045 bonds have a split maturity with a 4.125% coupon to yield 4.25% and a 5% coupon priced to yield 4.05%.
Proceeds will be used to refund the airport's series 2001 revenue bonds.
| Issuer: | Cities of Dallas and Fort Worth/Dallas-Fort Worth International Airport
|
| Issue: | Series 2012C non-AMT joint revenue refunding and improvement bonds
|
| Amount: | $274,925,000
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC and RBC Capital Markets LLC (lead), Jefferies & Co. and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | April 26
|
| Settlement date: | May 10
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $675,000 | 2013 | Serial | 1.5% | 0.63%
|
| $885,000 | 2014 | Serial | 4% | 0.78%
|
| $1.06 million | 2015 | Serial | 4% | 1.05%
|
| $1.25 million | 2016 | Serial | 4% | 1.31%
|
| $1,445,000 | 2017 | Serial | 4% | 1.57%
|
| $2,135,000 | 2018 | Serial | 5% | 1.81%
|
| $2.41 million | 2019 | Serial | 5% | 2.04%
|
| $2,705,000 | 2020 | Serial | 5% | 2.33%
|
| $3,025,000 | 2021 | Serial | 5% | 2.54%
|
| $3.37 million | 2022 | Serial | 5% | 2.74%
|
| $3.73 million | 2023 | Serial | 5% | 2.88%
|
| $3,915,000 | 2024 | Serial | 5% | 3.03%
|
| $4,105,000 | 2025 | Serial | 5% | 3.17%
|
| $4.3 million | 2026 | Serial | 5% | 3.28%
|
| $4.51 million | 2027 | Serial | 4% | 3.56%
|
| $4,685,000 | 2028 | Serial | 4% | 3.65%
|
| $15.3 million | 2031 | Term | 5% | 3.60%
|
| $16.25 million | 2045 | Term | 4.125% | 4.25%
|
| $199.17 million | 2045 | Term | 5% | 4.05%
|
© 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.
