Alaska plans $169.64 million sale of international airports system revenue and refunding bonds

By Cristal Cody

Tupelo, Miss., Sept. 7 - The State of Alaska intends to sell $169.64 million in international airports system revenue and refunding bonds (Aa3//A+), according to a preliminary official statement released Tuesday.

The offering includes $115.95 million in series 2010A revenue refunding bonds; $21.6 million in series 2010B revenue refunding bonds; $12.545 million in series 2010C revenue bonds and $19.545 million in series 2010D revenue bonds.

The series 2010A bonds have serial maturities from 2014 through 2027; the series 2010B bonds have serial maturities from 2011 through 2018; the series 2010C bonds have a term maturity due 2033; and the series 2010D bonds have a term due 2035.

RBC Capital Markets Corp. and Bank of America Merrill Lynch are the managers of the negotiated sale.

Proceeds from the new money bonds will be used to finance capital improvements to the airports' facilities. Proceeds from the series 2010A and 2010B refunding bonds will be used to defease and redeem all or a portion of the outstanding series 1999A, 1999B, 1999C and 2002B revenue bonds.

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