By Sheri Kasprzak
New York, Nov. 3 - The City of Cleveland sold $74.385 million of series 2011A non-AMT airport system revenue bonds, according to a pricing sheet.
The bonds (Baa1/A-/A-) were sold through senior managers J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch, KeyBanc Capital Markets LLC, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
The bonds are due 2013 to 2022 with a term bond due in 2024. The serial coupons range from 3% to 5%. The 2024 bonds have a 4% coupon priced at 97.646.
Proceeds will fund certain capital improvement projects and refund existing debt.
| Issuer: | City of Cleveland
|
| Issue: | Series 2011A non-AMT airport system revenue bonds
|
| Amount: | $74.385 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, KeyBanc Capital Markets LLC, RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.88 million | 2013 | Serial | 3% | 101.936
|
| $7.32 million | 2014 | Serial | 3% | 102.658
|
| $6.995 million | 2015 | Serial | 4% | 105.529
|
| $7.26 million | 2016 | Serial | 5% | 110.109
|
| $7.605 million | 2017 | Serial | 5% | 109.581
|
| $7.965 million | 2018 | Serial | 3% | 99.443
|
| $8.185 million | 2019 | Serial | 5% | 110.377
|
| $8.575 million | 2020 | Serial | 5% | 108.608
|
| $7.575 million | 2021 | Serial | 5% | 109.256
|
| $7.96 million | 2022 | Serial | 5% | 107.392
|
| $2.065 million | 2024 | Term | 4% | 97.646
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
