By Cristal Cody
Springdale, Ark., July 2 - The Fort Lauderdale-Hollywood International Airport and Broward County, Fla., priced $104 million airport system revenue refunding bonds with a 1.7% initial rate on Tuesday, said Mike Geoghegan, Broward County's chief financial officer.
The series 2008N weekly variable-rate demand bonds (Aa3/A+/A+) have serial maturities from 2009 through 2029.
J.P. Morgan Securities Inc. managed the negotiated sale.
Proceeds will be used to refund $102 million in the series 2004M auction-rate securities that were insured by Ambac Financial Group.
| Issuer: | Broward County/ Fort Lauderdale-Hollywood International Airport
|
| Issue: | Revenue refunding bonds
|
| Total amount: | $104 million
|
| Type: | Negotiated
|
| Initial rate: | 1.7%
|
| Resets: | Weekly
|
| Maturities: | 2009-2029
|
| Underwriter: | J.P. Morgan Securities Inc.
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | July 2
|
| Settlement date: | July 3
|
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