Published on 8/21/2013 in the Prospect News Municipals Daily.
New Issue: Charleston County Airport, S.C., prices $174.49 million of revenue debt
By Sheri Kasprzak
New York, Aug. 21 - The Charleston County Airport District of South Carolina sold $174,485,000 of series 2013 airport revenue bonds, according to a pricing sheet.
The deal includes $144,875,000 of series 2013A AMT bonds and $29.61 million of series 2013B non-AMT bonds.
The 2013A bonds are due 2017 to 2033 with term bonds due in 2038 and 2041. The serial coupons range from 3.5% to 5.875% with 1.78% to 5.47% yields. The 2038 bonds have a 5.5% coupon priced at 98.133 to yield 5.64% and a 6% coupon priced at 103.516 to yield 5.53%. The 2041 bonds have a 5.5% coupon priced at 97.081 to yield 5.71%.
The 2013B bonds are due July 1, 2043 and have a 5% coupon priced at 95.521 to yield 5.3%.
The bonds (A1/A/) were sold through BofA Merrill Lynch.
Proceeds will be used to make renovations to the airport, including a new centralized security checkpoint.
| Issuer: | Charleston County Airport District, S.C.
|
| Issue: | Series 2013 airport revenue bonds
|
| Amount: | $174,485,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Pricing date: | Aug. 21
|
| Settlement date: | Sept. 5
|
|
|
| $144,875,000 series 2013A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.05 million | 2017 | Serial | 5% | 111.844 | 1.78%
|
| $3.2 million | 2018 | Serial | 5% | 112.06 | 2.34%
|
| $3.36 million | 2019 | Serial | 5% | 111.398 | 2.86%
|
| $225,000 | 2020 | Serial | 3.5% | 101.148 | 3.31%
|
| $3,305,000 | 2020 | Serial | 5% | 110.24 | 3.31%
|
| $3,705,000 | 2021 | Serial | 5.25% | 110.582 | 3.68%
|
| $3.9 million | 2022 | Serial | 5.25% | 109.287 | 3.99%
|
| $1.15 million | 2023 | Serial | 4% | 98.399 | 4.20%
|
| $2.95 million | 2023 | Serial | 5.25% | 108.373 | 4.20%
|
| $4,305,000 | 2024 | Serial | 5.25% | 106.549 | 4.42%
|
| $4.53 million | 2025 | Serial | 5.25% | 105.083 | 4.60%
|
| $4,765,000 | 2026 | Serial | 5.5% | 105.584 | 4.78%
|
| $5.03 million | 2027 | Serial | 5.5% | 104.229 | 4.95%
|
| $5,305,000 | 2028 | Serial | 5.5% | 103.208 | 5.08%
|
| $5.6 million | 2029 | Serial | 5% | 97.853 | 5.20%
|
| $5.88 million | 2030 | Serial | 5.75% | 103.79 | 5.25%
|
| $6,215,000 | 2031 | Serial | 5.5% | 101.05 | 5.36%
|
| $6.56 million | 2032 | Serial | 5.875% | 103.652 | 5.39%
|
| $6,945,000 | 2033 | Serial | 5.25% | 97.349 | 5.47%
|
| $27.9 million | 2038 | Term | 5.5% | 98.133 | 5.64%
|
| $13,015,000 | 2038 | Term | 6% | 103.516 | 5.53%
|
| $23.98 million | 2041 | Term | 5.5% | 97.081 | 5.71%
|
|
|
| $29.61 million series 2013B non-AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| July 1, 2043 | Term | 5% | 95.521 | 5.30%
|
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