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Wayne County Airport, Mich., arranges $587.78 million bond offering
By Sheri Kasprzak
New York, Sept. 11 – The Wayne County Airport Authority of Michigan is expected to price $587.78 million of series 2015 airport revenue bonds, according to a preliminary official statement.
The deal includes $230.22 million of series 2015D non-AMT bonds, $11,595,000 of series 2015E AMT bonds, $242,695,000 of series 2015F AMT refunding bonds and $103.27 million of series 2015G non-AMT refunding bonds.
The bonds (A2/A/A-) will be sold on a negotiated basis with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as the senior managers. The co-managers are BofA Merrill Lynch, PNC Capital Markets LLC, Loop Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
The 2015D bonds are due 2017 to 2034, and the 2015E bonds are due 2017 to 2034. The 2015F bonds are due 2025 to 2034, and the 2015G bonds are due 2017 to 2034.
Proceeds will be used to finance the authority’s four-year capital improvement program for the airport, as well as to refund the authority’s series 2001A hotel bonds.
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