Published on 2/17/2012 in the Prospect News Municipals Daily.
New Issue: Dallas, Fort Worth bring $433.77 million airport revenue refunding bonds
By Sheri Kasprzak
New York, Feb. 17 - The Cities of Dallas and Fort Worth, Texas, sold $433.77 million of series 2012B non-AMT joint revenue refunding bonds for the Dallas-Fort Worth International Airport, said a term sheet.
The bonds (A1/A+/A+) were sold through J.P. Morgan Securities LLC and Bank of America Merrill Lynch. The co-managers were Loop Capital Markets LLC, Ramirez & Co. Inc., RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc.
The bonds are due 2012 to 2032 with a term bond due in 2035. The serial coupons range from 2% to 5%. The 2035 bonds have a 5% coupon and priced at 117.578.
Proceeds will be used to refund the airport's series 2000A, 2001A, 2002B-C and 2003A bonds.
| Issuer: | Cities of Dallas and Fort Worth, Texas/Dallas-Fort Worth International Airport
|
| Issue: | Series 2012B non-AMT joint revenue refunding bonds
|
| Amount: | $433.77 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Bank of America Merrill Lynch (lead), Loop Capital Markets LLC, Ramirez & Co. Inc., RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 1
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $13,835,000 | 2012 | Serial | 2% | 101.063
|
| $12,295,000 | 2013 | Serial | 3% | 104.194
|
| $11,195,000 | 2018 | Serial | 5% | 120.924
|
| $12.57 million | 2019 | Serial | 5% | 121.46
|
| $13.18 million | 2020 | Serial | 5% | 121.365
|
| $9,175,000 | 2021 | Serial | 5% | 120.774
|
| $14,105,000 | 2022 | Serial | 5% | 120.88
|
| $15,225,000 | 2023 | Serial | 5% | 121.097
|
| $26.7 million | 2024 | Serial | 5% | 121.296
|
| $15.5 million | 2026 | Serial | 5% | 121.328
|
| $23,675,000 | 2027 | Serial | 5% | 121.21
|
| $26.48 million | 2028 | Serial | 5% | 121.367
|
| $18,885,000 | 2029 | Serial | 5% | 121.263
|
| $19.83 million | 2030 | Serial | 5% | 120.58
|
| $40.31 million | 2031 | Serial | 5% | 119.92
|
| $31.38 million | 2032 | Serial | 5% | 119.305
|
| $129.43 million | 2035 | Term | 5% | 117.578
|
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