Los Angeles Department of Airports preps $499.4 million bond offering

By Sheri Kasprzak

New York, Jan. 29 – The Los Angeles Department of Airports is set to price $499.4 million of series 2015 revenue bonds for Los Angeles International Airport, according to a preliminary official statement.

The deal includes $268,955,000 of series 2015A AMT senior revenue bonds, $47,655,000 of series 2015B non-AMT senior revenue bonds and $182.79 million of series 2015C non-AMT subordinate revenue refunding bonds.

The bonds (Aa3/AA/AA) will be sold on a negotiated basis with Morgan Stanley & Co. LLC. The co-managers are BofA Merrill Lynch, Cabrera Capital Markets LLC, Loop Capital Markets LLC and Wells Fargo Securities LLC.

The maturities have not been set.

Proceeds will be used to finance the enlargement and reconfiguration of the Tom Bradley International Terminal, demolition of the original terminal concourses and improvements to the original main terminal.

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