New Issue: Charlotte, N.C., sells $110.35 million airport revenue bonds

By Sheri Kasprzak

New York, Oct. 19 - The City of Charlotte, N.C., sold $110.35 million of series 2011 airport revenue bonds for the Charlotte-Douglas International Airport, according to a pricing sheet.

The sale included $76.1 million of series 2011A non-AMT bonds and $34.25 million of series 2011B AMT bonds.

The 2011A bonds are due 2012 to 2031 with term bonds due in 2033, 2036 and 2041. The serial coupons range from 2% to 5%. The 2033 bonds have a 5% coupon priced at 104.989. The 2036 bonds have a split maturity with a 4.375% coupon priced at 99.621 and a 5% coupon priced at 104.668. The 2041 bonds have a 5% coupon priced at 104.428.

The 2011B bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 99.852 and the 2041 bonds have a 5% coupon priced at 99.686.

Bank of America Merrill Lynch and Wells Fargo Securities LLC were the senior managers for the bonds, which are rated Aa3/A+/A+.

Proceeds will be used to fund capital improvements to the airport's terminal and airfield.

Issuer:	City of Charlotte, N.C./Charlotte-Douglas International Airport
Issue:	Series 2011 airport revenue bonds
Amount:	$110.35 million
Type:	Negotiated
Underwriters:	Bank of America Merrill Lynch and Wells Fargo Securities LLC (lead)
Ratings:	Moody's: Aa3
	Standard & Poor's: A+
	Fitch: A+
Pricing date:	Oct. 19
Settlement date:	Nov. 9
$76.1 million series 2011A non-AMT bonds
Amount	Maturity	Type	Coupon	Price
$870,000	2012	Serial	2%	100.872
$1.365 million	2013	Serial	2%	101.84
$1.395 million	2014	Serial	4%	107.076
$1.45 million	2015	Serial	5%	111.837
$1.52 million	2016	Serial	2.5%	102.116
$1.56 million	2017	Serial	4%	108.948
$1.62 million	2018	Serial	5%	114.555
$1.7 million	2019	Serial	3.25%	102.381
$1.76 million	2020	Serial	4%	106.463
$1.83 million	2021	Serial	5%	114.474
$1.92 million	2022	Serial	5%	113.41
$2.015 million	2023	Serial	5%	111.923
$2.115 million	2024	Serial	3.5%	98.388
$2.19 million	2025	Serial	5%	109.863
$2.3 million	2026	Serial	5%	109.018
$2.415 million	2027	Serial	4%	100.234
$2.51 million	2028	Serial	5%	107.352
$2.635 million	2029	Serial	4%	97.887
$2.74 million	2030	Serial	4.125%	98.523
$2.855 million	2031	Serial	4.25%	99.336
$6.1 million	2033	Serial	5%	104.989
$2.85 million	2036	Term	4.375%	99.621
$7.495 million	2036	Term	5%	104.668
$20.89 million	2041	Term	5%	104.428
$34.25 million series 2011B AMT bonds
Amount	Maturity	Type	Coupon	Price
$385,000	2012	Serial	2%	100.64
$610,000	2013	Serial	3%	102.673
$625,000	2014	Serial	4%	105.521
$650,000	2015	Serial	3.5%	104.098
$675,000	2016	Serial	4%	105.636
$700,000	2017	Serial	4%	105.153
$730,000	2018	Serial	4%	104.021
$760,000	2019	Serial	4%	102.178
$790,000	2020	Serial	4%	100.65
$820,000	2021	Serial	4%	99.758
$855,000	2022	Serial	5%	106.694
$895,000	2023	Serial	4.125%	98.405
$935,000	2024	Serial	4.25%	98.457
$975,000	2025	Serial	5%	103.713
$1.02 million	2026	Serial	4.5%	98.937
$1.065 million	2027	Serial	4.5%	97.796
$1.115 million	2028	Serial	5%	101.6
$1.17 million	2029	Serial	4.75%	98.351
$1.225 million	2030	Serial	4.75%	97.577
$1.285 million	2031	Serial	5%	100
$7.45 million	2036	Term	5%	99.852
$9.515 million	2041	Term	5%	99.686

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