Published on 5/17/2013 in the Prospect News Municipals Daily.
New Issue: Dallas and Fort Worth, Texas, prices $450 million of joint airport revenue bonds
By Sheri Kasprzak
New York, May 17 - The Cities of Dallas and Fort Worth came to market with $450 million of series 2013B joint revenue improvement bonds for the Dallas/Fort Worth International Airport, according to a pricing sheet. The deal was upsized from $366,545,000.
The bonds (A2/A+/A) were sold through Morgan Stanley & Co. LLC and Cabrera Capital Markets LLC.
The bonds are due 2026 to 2033 and 2036 to 2039 with term bonds due in 2044, 2045 and 2050. The serial coupons range from 4% to 5% with 3.01% to 4.14% yields. The 2044 bonds have a 5% coupon priced at 108.344 to yield 3.93%. The 2045 bonds have a 4% coupon priced at 96.13 to yield 4.22%. The 2050 bonds have a 4.125% coupon priced at 95.858 to yield 4.35%.
Proceeds will be used to finance improvements and additions to the airport.
| Issuer: | Dallas and Fort Worth, Texas/Dallas/Fort Worth International Airport
|
| Issue: | Series 2013B joint revenue improvement bonds
|
| Amount: | $450 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Cabrera Capital Markets LLC (lead), Loop Capital Markets LLC and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | May 16
|
| Settlement date: | May 30
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $9,065,000 | 2026 | Serial | 5% | 116.197 | 3.01%
|
| $13,635,000 | 2027 | Serial | 5% | 115.753 | 3.06%
|
| $14.33 million | 2028 | Serial | 5% | 114.346 | 3.22%
|
| $15,035,000 | 2029 | Serial | 5% | 113.39 | 3.33%
|
| $15,785,000 | 2030 | Serial | 5% | 112.959 | 3.38%
|
| $16.57 million | 2031 | Serial | 5% | 112.359 | 3.45%
|
| $12,125,000 | 2032 | Serial | 5% | 112.103 | 3.48%
|
| $18,015,000 | 2033 | Serial | 5% | 111.678 | 3.53%
|
| $12.5 million | 2036 | Serial | 5% | 109.829 | 3.75%
|
| $10 million | 2037 | Serial | 5% | 109.58 | 3.78%
|
| $68,745,000 | 2038 | Serial | 5% | 109.414 | 3.80%
|
| $23.46 million | 2039 | Serial | 4% | 97.761 | 4.14%
|
| $157,485,000 | 2044 | Term | 5% | 108.344 | 3.93%
|
| $38.25 million | 2045 | Term | 4% | 96.13 | 4.22%
|
| $25 million | 2050 | Term | 4.125% | 95.858 | 4.35%
|
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