Published on 2/5/2015 in the Prospect News Municipals Daily.
New Issue: Los Angeles Department of Airports brings $499.13 million revenue bonds
By Sheri Kasprzak
New York, Feb. 5 – The Los Angeles Department of Airports sold $499,125,000 of series 2015 revenue bonds, said a pricing sheet.
The bonds (Aa3/AA/AA) were sold through senior manager Morgan Stanley & Co. LLC.
The offering included $268.08 million of series 2015A AMT senior revenue bonds, $48,165,000 of series 2015B non-AMT senior revenue bonds and $182.88 million of series 2015C non-AMT subordinate revenue refunding bonds.
The 2015A bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 4.75% coupon priced at 112.677 and a 5% coupon priced at 115.304. The 2045 bonds have a 5% coupon priced at 114.74.
The 2015B bonds are due 2017 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 118.268, and the 2045 bonds have a 5% coupon priced at 117.783.
The 2015C bonds are due 2016 to 2035 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 117.494.
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.
| Issuer: | Los Angeles Department of Airports
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $499,125,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, Cabrera Capital Markets LLC, Loop Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA
|
| Fitch: AA
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 24
|
|
|
| $268.08 million series 2015A AMT senior revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.73 million | 2016 | Serial | 2% | 102.015
|
| $3,745,000 | 2017 | Serial | 4% | 107.549
|
| $3,905,000 | 2018 | Serial | 4% | 109.965
|
| $4.74 million | 2019 | Serial | 5% | 116.011
|
| $4.97 million | 2020 | Serial | 5% | 117.965
|
| $5.22 million | 2021 | Serial | 5% | 119.543
|
| $5.47 million | 2022 | Serial | 5% | 120.608
|
| $5.75 million | 2023 | Serial | 5% | 121.461
|
| $6,045,000 | 2024 | Serial | 5% | 121.767
|
| $6,345,000 | 2025 | Serial | 5% | 122.228
|
| $6,665,000 | 2026 | Serial | 5% | 119.833
|
| $7 million | 2027 | Serial | 5% | 119.833
|
| $7.33 million | 2028 | Serial | 5% | 118.949
|
| $7,705,000 | 2029 | Serial | 5% | 118.462
|
| $8,095,000 | 2030 | Serial | 5% | 117.977
|
| $8.49 million | 2031 | Serial | 5% | 117.494
|
| $8.92 million | 2032 | Serial | 5% | 117.014
|
| $9.37 million | 2033 | Serial | 5% | 116.631
|
| $9.84 million | 2034 | Serial | 5% | 116.25
|
| $10,335,000 | 2035 | Serial | 4.75% | 113.702
|
| $20 million | 2040 | Term | 4.75% | 112.677
|
| $39,915,000 | 2040 | Term | 5% | 115.304
|
| $76,495,000 | 2045 | Term | 5% | 114.74
|
|
|
| $48,165,000 series 2015B non-AMT senior revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $855,000 | 2017 | Serial | 3% | 105.547
|
| $885,000 | 2018 | Serial | 3% | 107.388
|
| $905,000 | 2019 | Serial | 3.5% | 110.754
|
| $940,000 | 2020 | Serial | 4% | 114.411
|
| $975,000 | 2021 | Serial | 4% | 115.64
|
| $1,015,000 | 2022 | Serial | 4% | 116.312
|
| $1,055,000 | 2023 | Serial | 4% | 116.664
|
| $1.1 million | 2024 | Serial | 4% | 116.678
|
| $1,145,000 | 2025 | Serial | 4% | 116.299
|
| $1.19 million | 2026 | Serial | 5% | 124.061
|
| $1.25 million | 2027 | Serial | 5% | 122.835
|
| $1.31 million | 2028 | Serial | 5% | 121.925
|
| $1,375,000 | 2029 | Serial | 5% | 121.223
|
| $1.44 million | 2030 | Serial | 5% | 120.724
|
| $1.52 million | 2031 | Serial | 5% | 120.129
|
| $1.59 million | 2032 | Serial | 5% | 119.636
|
| $1.67 million | 2033 | Serial | 5% | 119.243
|
| $1,755,000 | 2034 | Serial | 5% | 118.949
|
| $1.84 million | 2035 | Serial | 5% | 118.657
|
| $10.7 million | 2040 | Term | 5% | 118.268
|
| $13.65 million | 2045 | Term | 5% | 117.783
|
|
|
| $182.88 million series 2015C non-AMT subordinate revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $745,000 | 2016 | Serial | 2% | 102.065
|
| $775,000 | 2017 | Serial | 4% | 107.526
|
| $805,000 | 2018 | Serial | 4% | 110.234
|
| $835,000 | 2019 | Serial | 4% | 112.468
|
| $7,065,000 | 2020 | Serial | 4% | 114.138
|
| $7,345,000 | 2021 | Serial | 5% | 121.255
|
| $7.71 million | 2022 | Serial | 5% | 122.726
|
| $6.66 million | 2023 | Serial | 5% | 123.843
|
| $6,995,000 | 2024 | Serial | 5% | 124.582
|
| $7,345,000 | 2025 | Serial | 5% | 124.887
|
| $7.71 million | 2026 | Serial | 5% | 123.038
|
| $8,095,000 | 2027 | Serial | 5% | 121.824
|
| $8,505,000 | 2028 | Serial | 5% | 120.923
|
| $8.93 million | 2029 | Serial | 5% | 120.228
|
| $9,375,000 | 2030 | Serial | 5% | 119.734
|
| $9.84 million | 2031 | Serial | 5% | 119.145
|
| $10,335,000 | 2032 | Serial | 5% | 118.657
|
| $10.85 million | 2033 | Serial | 5% | 118.268
|
| $11,395,000 | 2034 | Serial | 5% | 118.074
|
| $11,965,000 | 2035 | Serial | 5% | 117.88
|
| $39.6 million | 2038 | Term | 5% | 117.494
|
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