Published on 5/12/2016 in the Prospect News Municipals Daily.
New Issue: Los Angeles International Airport prices $289.21 million revenue bonds
By Sheri Kasprzak
New York, May 12 – The Los Angeles Department of Airports sold $289.21 million of series 2016A subordinate revenue bonds for the Los Angeles International Airport, according to a pricing sheet.
The bonds (A1/AA-/AA-) were sold through Loop Capital Markets LLC.
The bonds are due 2017 to 2036 with a term bond due in 2046. The serial coupons range from 3% to 5% with yields from 0.67% to 2.98%. The 2046 bonds have a 5% coupon priced at 118.14 to yield 2.89%.
Proceeds will be used to improve and replace terminals 1, 2, 6, 7 and 8 at the airport, as well as replace elevators and escalators and make other capital improvements.
| Issuer: | Los Angeles Department of Airports/Los Angeles International Airport
|
| Issue: | Series 2016A subordinate revenue bonds
|
| Amount: | $289.21 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), Cabrera Capital Markets Inc. and Morgan Stanley & Co. LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Fitch: AA-
|
| Pricing date: | May 11
|
| Settlement date: | June 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,605,000 | 2017 | Serial | 3% | 102.215 | 0.67%
|
| $6.34 million | 2018 | Serial | 5% | 108.01 | 0.86%
|
| $6.66 million | 2019 | Serial | 5% | 111.527 | 1.03%
|
| $6.99 million | 2020 | Serial | 5% | 114.678 | 1.19%
|
| $7.34 million | 2021 | Serial | 5% | 117.595 | 1.32%
|
| $7.71 million | 2022 | Serial | 5% | 120.184 | 1.45%
|
| $8.09 million | 2023 | Serial | 5% | 122.442 | 1.58%
|
| $8.5 million | 2024 | Serial | 5% | 124.289 | 1.72%
|
| $8,295,000 | 2025 | Serial | 5% | 125.792 | 1.86%
|
| $9.37 million | 2026 | Serial | 5% | 126.751 | 2.02%
|
| $9,835,000 | 2027 | Serial | 5% | 124.91 | 2.20%
|
| $10,325,000 | 2028 | Serial | 5% | 123.901 | 2.30%
|
| $10,845,000 | 2029 | Serial | 5% | 123.2 | 2.37%
|
| $11.39 million | 2030 | Serial | 5% | 122.504 | 2.44%
|
| $11.96 million | 2031 | Serial | 5% | 121.911 | 2.50%
|
| $12.55 million | 2032 | Serial | 5% | 121.322 | 2.56%
|
| $13,175,000 | 2033 | Serial | 5% | 120.931 | 2.60%
|
| $13,835,000 | 2034 | Serial | 4% | 109.451 | 2.90%
|
| $14,395,000 | 2035 | Serial | 5% | 120.25 | 2.67%
|
| $15.12 million | 2036 | Serial | 4% | 108.729 | 2.98%
|
| $94.25 million | 2042 | Term | 5% | 118.14 | 2.89%
|
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