Published on 8/6/2014 in the Prospect News Municipals Daily.
New Issue: Wayne County Airport, Mich., sells $100.26 million revenue bonds
By Sheri Kasprzak
New York, Aug. 6 – The Wayne County Airport Authority of Michigan sold $100.26 million of series 2014 airport revenue bonds, according to a pricing sheet.
The bonds (A2) were sold through J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The deal included $67.94 million of series 2014B non-AMT bonds and $32.32 million of series 2014C AMT bonds.
The 2014B bonds are due 2017 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5%. The 2039 bonds have a 5% coupon priced at 107.569, and the 2044 bonds have a 5% coupon priced at 106.016.
The 2014C bonds are due 2017 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5%. The 2039 bonds have a 5% coupon priced at 103.075. The 2044 bonds have a 5% coupon priced at 102.662.
Proceeds will be used to make capital improvements at the airport as part of the authority’s five-year capital improvement plan, including airfield improvements and power plant upgrades.
| Issuer: | Wayne County Airport Authority
|
| Issue: | Series 2104 airport revenue bonds
|
| Amount: | $100.26 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, PNC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Moody’s: A2
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 20
|
|
|
| $67.94 million series 2014B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2017 | Serial | 3% | 106.204
|
| $100,000 | 2018 | Serial | 4% | 110.5
|
| $100,000 | 2019 | Serial | 5% | 115.502
|
| $100,000 | 2020 | Serial | 3% | 104.129
|
| $100,000 | 2021 | Serial | 4% | 109.089
|
| $100,000 | 2022 | Serial | 5% | 115.674
|
| $100,000 | 2023 | Serial | 3% | 99.275
|
| $100,000 | 2024 | Serial | 3.25% | 99.823
|
| $100,000 | 2025 | Serial | 3.375% | 99.023
|
| $100,000 | 2026 | Serial | 3.625% | 99.456
|
| $100,000 | 2027 | Serial | 3.75% | 99.374
|
| $100,000 | 2028 | Serial | 3.875% | 99.398
|
| $2.82 million | 2029 | Serial | 5% | 110.486
|
| $2,965,000 | 2030 | Serial | 5% | 109.681
|
| $3.11 million | 2031 | Serial | 5% | 109.148
|
| $3,265,000 | 2032 | Serial | 5% | 108.443
|
| $3.43 million | 2033 | Serial | 5% | 107.917
|
| $3.6 million | 2034 | Serial | 5% | 107.395
|
| $20.89 million | 2039 | Term | 5% | 107.569
|
| $26.66 million | 2044 | Term | 5% | 106.016
|
|
|
| $32.32 million series 2014C AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2017 | Serial | 3% | 105.375
|
| $100,000 | 2018 | Serial | 4% | 109.195
|
| $100,000 | 2019 | Serial | 5% | 113.616
|
| $100,000 | 2020 | Serial | 3% | 102.068
|
| $100,000 | 2021 | Serial | 4% | 106.695
|
| $100,000 | 2022 | Serial | 5% | 112.92
|
| $100,000 | 2023 | Serial | 3.375% | 99.483
|
| $100,000 | 2024 | Serial | 3.5% | 98.973
|
| $100,000 | 2025 | Serial | 3.75% | 99.268
|
| $100,000 | 2026 | Serial | 4% | 99.706
|
| $100,000 | 2027 | Serial | 4.125% | 99.64
|
| $100,000 | 2028 | Serial | 4.25% | 99.676
|
| $1,315,000 | 2029 | Serial | 5% | 107.221
|
| $1.38 million | 2030 | Serial | 5% | 106.617
|
| $1.45 million | 2031 | Serial | 5% | 106.016
|
| $1,525,000 | 2032 | Serial | 5% | 105.25
|
| $1.6 million | 2033 | Serial | 5% | 104.743
|
| $1.68 million | 2034 | Serial | 5% | 104.323
|
| $9.74 million | 2039 | Term | 5% | 103.075
|
| $12.43 million | 2044 | Term | 5% | 102.662
|
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