Published on 8/28/2013 in the Prospect News Municipals Daily.
New Issue: Guam brings to market $202.38 million of airport general revenue bonds
By Sheri Kasprzak
New York, Aug. 28 - The Government of Guam sold $202.38 million of series 2013 airport general revenue bonds, according to a pricing sheet.
The bonds (Baa2) were sold through Citigroup Global Markets Inc.
The offering includes $14.62 million of series 2013A non-AMT bonds, $33,675,000 of series 2013B non-AMT bonds and $154,085,000 of series 2013C AMT bonds.
The 2013A bonds are due 2014 to 2023 with 3% to 5% coupons. The 2013B bonds are due 2014 to 2018 with term bonds due in 2023, 2033 and 2043. The serial coupons range from 3% to 5%. The 2023 bonds have a 5% coupon priced at 100.783 and the 2033 bonds have a 5.5% coupon priced at 99.157. The 2043 bonds have a 5.75% coupon priced at par. The 2013C bonds are due 2014 to 2023 with term bonds due in 2034 and 2043. The serial coupons range from 3% to 6%. The 2034 bonds have a 6% coupon priced at 99.404 and a 6.25% coupon priced at 99.532. The 2043 bonds have a 6.125% coupon priced at 98.576 and a 6.375% coupon priced at 98.613.
Proceeds will be used to refund existing debt and provide funding for the airport's capital investment program.
| Issuer: | Government of Guam
|
| Issue: | Series 2013 airport general revenue bonds
|
| Amount: | $202.38 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead)
|
| Rating: | Moody's: Baa2
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 12
|
|
|
| $14.62 million series 2013A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.16 million | 2014 | Serial | 3% | 101.613
|
| $1,235,000 | 2015 | Serial | 4% | 104.31
|
| $1,285,000 | 2016 | Serial | 5% | 107.761
|
| $1,345,000 | 2017 | Serial | 5% | 108.172
|
| $1,415,000 | 2018 | Serial | 5% | 107.609
|
| $1.48 million | 2019 | Serial | 5% | 105.877
|
| $1,555,000 | 2020 | Serial | 5% | 105.148
|
| $1.63 million | 2021 | Serial | 5% | 104.029
|
| $1.71 million | 2022 | Serial | 5% | 102.559
|
| $1,805,000 | 2023 | Serial | 5% | 100.783
|
|
|
| $33,675,000 series 2013B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.67 million | 2014 | Serial | 3% | 101.613
|
| $1.77 million | 2015 | Serial | 4% | 104.31
|
| $1.84 million | 2016 | Serial | 5% | 107.761
|
| $1,935,000 | 2017 | Serial | 5% | 108.172
|
| $2,035,000 | 2018 | Serial | 5% | 107.609
|
| $9.81 million | 2023 | Term | 5% | 100.783
|
| $5.36 million | 2033 | Term | 5.5% | 99.157
|
| $9,255,000 | 2043 | Term | 5.75% | 100
|
|
|
| $154,085,000 series 2013C AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,015,000 | 2014 | Serial | 3% | 101.035
|
| $7.46 million | 2015 | Serial | 4% | 103.286
|
| $7,765,000 | 2016 | Serial | 5% | 106.241
|
| $8.15 million | 2017 | Serial | 5% | 106.202
|
| $8.56 million | 2018 | Serial | 5% | 104.531
|
| $30.32 million | 2021 | Serial | 5% | 100.325
|
| $21,405,000 | 2023 | Serial | 6% | 104.501
|
| $20,000 | 2034 | Term | 6% | 99.404
|
| $23,625,000 | 2034 | Term | 6.25% | 99.532
|
| $25,000 | 2043 | Term | 6.125% | 98.576
|
| $39.74 million | 2043 | Term | 6.375% | 98.613
|
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