Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: Louisville Regional Airport, Ky., sells $249.1 million refunding bonds
By Sheri Kasprzak
New York, June 12 – The Louisville Regional Airport Authority of Kentucky sold $249.13 million of series 2014 airport system revenue refunding bonds, according to a pricing sheet.
The deal included $119,585,000 of series 2014A AMT bonds, $3,285,000 of series 2014B non-AMT bonds and $126.26 million of series 2014C taxable bonds.
The 2014A bonds are due 2015 to 2032 with 2% to 5% coupons and 0.24% to 4.11% yields.
The 2014B bonds are due 2015 to 2023 with 2% to 5% coupons and yields from 0.24% to 2.57%.
The 2014C bonds are due 2015 to 2028 with term bonds due in 2031 and 2038. The serial coupons range from 0.25% to 4.133%, all priced at par. The 2031 bonds have a 4.451% coupon and the 2038 bonds have a 4.601% coupon, both priced at par.
The bonds (/A+/A+) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to refund existing debt.
| Issuer: | Louisville Regional Airport Authority
|
| Issue: | Series 2014 airport system revenue refunding bonds
|
| Amount: | $249.13 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch and Citigroup Global Markets Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: A+
|
| Fitch: A+
|
| Pricing date: | June 12
|
| Settlement date: | June 26
|
|
|
| $119,585,000 series 2014A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7.03 million | 2015 | Serial | 2% | 101.781 | 0.24%
|
| $7,375,000 | 2016 | Serial | 3% | 104.961 | 0.52%
|
| $7,615,000 | 2017 | Serial | 3% | 106.045 | 0.96%
|
| $7.97 million | 2018 | Serial | 4% | 110.237 | 1.37%
|
| $8,785,000 | 2019 | Serial | 5% | 115.691 | 1.72%
|
| $9,315,000 | 2020 | Serial | 5% | 116.672 | 2.04%
|
| $9.88 million | 2021 | Serial | 5% | 117.184 | 2.33%
|
| $10.47 million | 2022 | Serial | 5% | 117.102 | 2.62%
|
| $11.07 million | 2023 | Serial | 5% | 116.984 | 2.85%
|
| $3,655,000 | 2024 | Serial | 5% | 116.811 | 3.04%
|
| $3.99 million | 2025 | Serial | 5% | 115.318 | 3.20%
|
| $3,645,000 | 2026 | Serial | 5% | 114.212 | 3.32%
|
| $3,945,000 | 2027 | Serial | 5% | 113.21 | 3.43%
|
| $4.28 million | 2028 | Serial | 5% | 112.309 | 3.53%
|
| $4.58 million | 2029 | Serial | 5% | 111.415 | 3.63%
|
| $4,935,000 | 2030 | Serial | 5% | 110.707 | 3.71%
|
| $2.98 million | 2031 | Serial | 4% | 99.388 | 4.05%
|
| $2,355,000 | 2031 | Serial | 5% | 110.179 | 3.77%
|
| $3.18 million | 2032 | Serial | 4% | 98.609 | 4.11%
|
| $2.53 million | 2032 | Serial | 5% | 109.567 | 3.84%
|
|
|
| $3,285,000 series 2014B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $310,000 | 2015 | Serial | 2% | 101.781 | 0.24%
|
| $325,000 | 2016 | Serial | 3% | 105.313 | 0.35%
|
| $335,000 | 2017 | Serial | 3% | 106.785 | 0.72%
|
| $345,000 | 2018 | Serial | 4% | 111.356 | 1.10%
|
| $360,000 | 2019 | Serial | 4% | 112.288 | 1.45%
|
| $375,000 | 2020 | Serial | 5% | 118.349 | 1.77%
|
| $395,000 | 2021 | Serial | 5% | 118.964 | 2.08%
|
| $410,000 | 2022 | Serial | 5% | 119.334 | 2.34%
|
| $430,000 | 2023 | Serial | 5% | 119.44 | 2.57%
|
|
|
| $126.26 million series 2014C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $10,155,000 | 2015 | Serial | 0.25% | 100 | 0.25%
|
| $10.22 million | 2016 | Serial | 0.769% | 100 | 0.769%
|
| $10.29 million | 2017 | Serial | 1.313% | 100 | 1.313%
|
| $7.64 million | 2018 | Serial | 1.906% | 100 | 1.906%
|
| $7,265,000 | 2019 | Serial | 2.286% | 100 | 2.286%
|
| $7.44 million | 2020 | Serial | 2.734% | 100 | 2.734%
|
| $8,015,000 | 2021 | Serial | 2.984% | 100 | 2.984%
|
| $8.26 million | 2022 | Serial | 3.283% | 100 | 3.283%
|
| $8,535,000 | 2023 | Serial | 3.483% | 100 | 3.483%
|
| $8,825,000 | 2024 | Serial | 3.683% | 100 | 3.683%
|
| $9,145,000 | 2025 | Serial | 3.833% | 100 | 3.833%
|
| $9,495,000 | 2026 | Serial | 3.933% | 100 | 3.933%
|
| $3,115,000 | 2027 | Serial | 4.033% | 100 | 4.033%
|
| $3.23 million | 2028 | Serial | 4.133% | 100 | 4.133%
|
| $10,565,000 | 2031 | Term | 4.451% | 100 | 4.451%
|
| $4,065,000 | 2038 | Term | 4.601% | 100 | 4.601%
|
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