By Sheri Kasprzak
New York, Nov. 10 - The Los Angeles Department of Airports priced $875.805 million of series 2010D senior airport revenue bonds on Wednesday for the Los Angeles International Airport, according to a pricing sheet.
The bonds (Aa3/AA/AA) were sold through J.P. Morgan Securities LLC and Ramirez & Co. Inc. The co-managers included Cabrera Capital Markets LLC, Citigroup Global Markets Inc. and Loop Capital Markets LLC.
The bonds are due 2012 to 2030 with term bonds due 2033, 2035 and 2040. Serial coupons range from 3% to 5.5%. The 2033 bonds have a 5.25% coupon priced at 103.386. The 2035 bonds have a split maturity with a 4.75% coupon priced at 96.766 and a 5% coupon priced at 100.147. The 2040 bonds also have a 5% coupon priced at 99.235.
Proceeds will be used to finance capital improvements at Los Angeles International Airport, including the addition of taxiways and the expansion of airport facilities, as well as to refund existing commercial paper.
| Issuer: | Los Angeles Department of Airports/Los Angeles International Airport
|
| Issue: | Series 2010D senior airport revenue bonds
|
| Amount: | $875.805 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Ramirez & Co. Inc. (lead), Cabrera Capital Markets LLC, Citigroup Global Markets Inc., Loop Capital Markets LLC
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.07 million | 2012 | Serial | 3% | 103.035
|
| $4.19 million | 2013 | Serial | 3% | 104.471
|
| $4.32 million | 2014 | Serial | 4% | 108.57
|
| $3 million | 2015 | Serial | 3% | 105.338
|
| $5.67 million | 2015 | Serial | 5% | 113.879
|
| $1.385 million | 2016 | Serial | 3% | 104.617
|
| $7.045 million | 2016 | Serial | 5% | 114.881
|
| $2.995 million | 2017 | Serial | 3% | 103.266
|
| $5.965 million | 2017 | Serial | 5% | 115.145
|
| $580,000 | 2018 | Serial | 3% | 101.471
|
| $8.92 million | 2018 | Serial | 5% | 114.859
|
| $1.68 million | 2019 | Serial | 3% | 99.481
|
| $8.45 million | 2019 | Serial | 5% | 114.28
|
| $3 million | 2020 | Serial | 3.25% | 99.515
|
| $7.785 million | 2020 | Serial | 5% | 113.626
|
| $1.58 million | 2021 | Serial | 3.5% | 99.565
|
| $17.355 million | 2021 | Serial | 5% | 111.561
|
| $22.845 million | 2022 | Serial | 5% | 109.624
|
| $26.58 million | 2023 | Serial | 5% | 108.136
|
| $27.91 million | 2024 | Serial | 5% | 106.672
|
| $570,000 | 2025 | Serial | 4.125% | 98.658
|
| $28.74 million | 2025 | Serial | 5% | 105.789
|
| $30.77 million | 2026 | Serial | 5.25% | 106.756
|
| $32.38 million | 2027 | Serial | 5.25% | 106.039
|
| $34.08 million | 2028 | Serial | 5.25% | 105.408
|
| $35.87 million | 2029 | Serial | 5.25% | 104.781
|
| $505,000 | 2030 | Serial | 4.5% | 97.465
|
| $2.915 million | 2030 | Serial | 5% | 102.267
|
| $34.33 million | 2030 | Serial | 5.5% | 107.233
|
| $57.87 million | 2033 | Term | 5.25% | 103.386
|
| $515,000 | 2035 | Term | 4.75% | 96.766
|
| $102 million | 2035 | Term | 5% | 100.147
|
| $349.935 million | 2040 | Term | 5% | 99.235
|
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