By Sheri Kasprzak
New York, March 24 - The Department of Airports of the City of Los Angeles sold $930.155 million of series 2010A senior revenue bonds on Wednesday, according to a term sheet.
The deal was upsized from $897.78 million.
The bonds (Aa3/AA/AA) were sold through Siebert Brandford Shank & Co. LLC. The co-managers were Barclays Capital Inc., De La Rosa & Co. and Morgan Stanley & Co. Inc.
The bonds are due 2014 to 2032 with term bonds due 2035 and 2040.
Proceeds will be used to fund capital expenditures at Los Angeles Airport, as well as refund existing commercial paper.
| Issuer: | Department of Airports of the City of Los Angeles
|
| Issue: | Series 2010A senior revenue bonds
|
| Amount: | $930.155 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead); Barclays Capital Corp., De La Rosa & Co. and Morgan Stanley & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | March 24
|
|
|
|
|
| Maturity | Type | Coupon | Price
|
| 2014 | Serial | 4% | 113.875
|
| 2015 | Serial | 3% | 105.274
|
| 2015 | Serial | 5% | 114.954
|
| 2016 | Serial | 3% | 103.386
|
| 2016 | Serial | 5% | 114.676
|
| 2017 | Serial | 3% | 101.537
|
| 2017 | Serial | 5% | 114.356
|
| 2018 | Serial | 4% | 106.476
|
| 2018 | Serial | 5% | 113.596
|
| 2019 | Serial | 4.5% | 109.284
|
| 2020 | Serial | 4% | 104.395
|
| 2020 | Serial | 5% | 112.85
|
| 2021 | Serial | 4.5% | 107.475
|
| 2021 | Serial | 5% | 111.676
|
| 2022 | Serial | 4.5% | 106.515
|
| 2022 | Serial | 5% | 110.693
|
| 2023 | Serial | 5% | 109.196
|
| 2024 | Serial | 4% | 99.569
|
| 2024 | Serial | 5% | 107.894
|
| 2025 | Serial | 5% | 106.867
|
| 2026 | Serial | 5% | 106.188
|
| 2027 | Serial | 5% | 105.515
|
| 2028 | Serial | 5% | 104.846
|
| 2029 | Serial | 5% | 104.846
|
| 2030 | Serial | 5% | 103.771
|
| 2031 | Serial | 5% | 103.117
|
| 2032 | Serial | 5% | 102.548
|
| 2035 | Term | 5% | 101.501
|
| 2040 | Term | 5% | 100.863
|
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