Published on 2/18/2014 in the Prospect News Municipals Daily.
New Issue: Dallas-Fort Worth International Airport sells $201.52 million bonds
By Sheri Kasprzak
New York, Feb. 18 - The Cities of Dallas and Fort Worth sold $201,515,000 of series 2014A AMT joint revenue refunding bonds for the Dallas-Fort Worth International Airport, according to an official statement.
The bonds (/A+/A) were offered through Citigroup Global Markets Inc. and Barclays.
The bonds are due 2014 to 2032 with 1% to 5.25% coupons and 0.2% to 4.7% yields.
Proceeds will be used to refund the cities' series 2003A joint revenue refunding and improvement bonds issued for the airport, which are due Nov. 1, 2032 and bear interest at 5% priced at par.
| Issuer: | Dallas and Fort Worth, Texas/Dallas-Fort Worth International Airport
|
| Issue: | Series 2014A AMT joint revenue refunding bonds
|
| Amount: | $201,515,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Barclays (lead), Jefferies & Co. and Cabrera Capital Markets LLC (co-managers)
|
| Ratings: | Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,035,000 | 2014 | Serial | 1% | 100.494 | 0.20%
|
| $175,000 | 2015 | Serial | 3% | 103.482 | 0.83%
|
| $180,000 | 2016 | Serial | 3% | 104.706 | 1.17%
|
| $185,000 | 2017 | Serial | 3% | 105.083 | 1.55%
|
| $190,000 | 2018 | Serial | 3% | 104.390 | 2.00%
|
| $195,000 | 2019 | Serial | 3% | 103.081 | 2.41%
|
| $205,000 | 2020 | Serial | 3% | 100.596 | 2.90%
|
| $210,000 | 2021 | Serial | 4% | 104.747 | 3.29%
|
| $220,000 | 2022 | Serial | 4% | 103.238 | 3.56%
|
| $225,000 | 2023 | Serial | 4% | 101.999 | 3.75%
|
| $235,000 | 2024 | Serial | 4% | 101.032 | 3.87%
|
| $245,000 | 2025 | Serial | 4% | 100 | 4.00%
|
| $26,125,000 | 2026 | Serial | 5.25% | 108.812 | 4.13%
|
| $27.5 million | 2027 | Serial | 5.25% | 107.741 | 4.26%
|
| $28,935,000 | 2028 | Serial | 5.25% | 107.089 | 4.34%
|
| $30.45 million | 2029 | Serial | 5.25% | 106.280 | 4.44%
|
| $32,055,000 | 2030 | Serial | 5.25% | 105.798 | 4.50%
|
| $28.3 million | 2031 | Serial | 5% | 102.762 | 4.64%
|
| $21.85 million | 2032 | Serial | 5% | 102.295 | 4.70%
|
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