Published on 6/25/2014 in the Prospect News Municipals Daily.
New Issue: Dallas/Fort Worth International Airport sells $122.97 million of bonds
By Sheri Kasprzak
New York, June 25 – The Cities of Dallas and Fort Worth sold $122,965,000 of series 2014C non-AMT joint revenue improvement bonds for the Dallas-Fort Worth International Airport, said a pricing sheet.
The bonds (/A/A+) were sold through Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC.
The bonds are due 2018 to 2034 with term bonds due in 2039 and 2045. The serial bonds have 5% coupons. The 2039 bonds have a 4.125% coupon priced at 98.22, and the 2045 bonds have a 5% coupon priced at 107.211.
Proceeds will be used to finance improvements and additions to the airport.
| Issuer: | Cities of Dallas and Fort Worth/Dallas-Fort Worth International Airport
|
| Issue: | Series 2014C non-AMT joint revenue improvement bonds
|
| Amount: | $122,965,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC (lead), Siebert Brandford Shank & Co. LLC (co-manager)
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: A+
|
| Pricing date: | June 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,225,000 | 2018 | Serial | 5% | 115.857
|
| $2,335,000 | 2019 | Serial | 5% | 117.136
|
| $2.45 million | 2020 | Serial | 5% | 118.046
|
| $2.57 million | 2021 | Serial | 5% | 118.623
|
| $2,695,000 | 2022 | Serial | 5% | 118.783
|
| $2.84 million | 2023 | Serial | 5% | 118.88
|
| $2,975,000 | 2024 | Serial | 5% | 117.442
|
| $3,125,000 | 2025 | Serial | 5% | 115.586
|
| $3.28 million | 2026 | Serial | 5% | 114.195
|
| $3,445,000 | 2027 | Serial | 5% | 113.25
|
| $3.62 million | 2028 | Serial | 5% | 113.25
|
| $3,805,000 | 2029 | Serial | 5% | 112.654
|
| $3.99 million | 2030 | Serial | 5% | 111.221
|
| $4,185,000 | 2031 | Serial | 5% | 110.637
|
| $4,395,000 | 2032 | Serial | 5% | 109.892
|
| $4,615,000 | 2033 | Serial | 5% | 109.399
|
| $4.85 million | 2034 | Serial | 5% | 108.99
|
| $49,045,000 | 2039 | Term | 4.125% | 98.22
|
| $16.52 million | 2045 | Term | 5% | 107.211
|
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