By Sheri Kasprzak
New York, Nov. 23 - The Wayne County Airport Authority of Michigan priced $169.43 million of series 2011 airport revenue refunding bonds, according to a pricing sheet. The offering was upsized from $126.965 million.
The offering included $152.465 million of series 2011A AMT bonds and $16.965 million of series 2011B non-AMT bonds.
The 2011A bonds are due 2019 to 2022 with 4% to 5% coupons. The 2011B bonds are due 2014 to 2020 with 3% to 5% coupons.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the senior managers. The co-managers were Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to refund the authority's series 1998A and 2002C airport revenue bonds.
| Issuer: | Wayne County Airport Authority
|
| Issue: | Series 2011 airport revenue refunding bonds
|
| Amount: | $169.43 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Nov. 17
|
| Settlement date: | Nov. 30
|
|
|
| $152.465 million series 2011A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $35.41 million | 2019 | Serial | 5% | 106.79
|
| $22.225 million | 2020 | Serial | 4% | 99.402
|
| $15 million | 2020 | Serial | 5% | 105.715
|
| $38.915 million | 2021 | Serial | 5% | 105.226
|
| $12 million | 2022 | Serial | 4.125% | 98.22
|
| $28.915 million | 2022 | Serial | 5% | 104.155
|
|
|
| $16.965 million series 2011B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.135 million | 2014 | Serial | 3% | 103.67
|
| $2.2 million | 2015 | Serial | 5% | 110.712
|
| $2.31 million | 2016 | Serial | 5% | 111.389
|
| $2.42 million | 2017 | Serial | 5% | 111.902
|
| $2.54 million | 2018 | Serial | 3% | 99.561
|
| $2.615 million | 2019 | Serial | 5% | 111.498
|
| $2.745 million | 2020 | Serial | 5% | 110.684
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
