By Cristal Cody
Prospect News, April 11 - The Maryland Transportation Authority priced $190.56 million of airport parking revenue refunding bonds for the Baltimore/Washington International Thurgood Marshall Airport in two tranches on Wednesday, an informed bond source said.
The two tranches of revenue refunding bonds (A2/A/A-) included $66,965,000, restructured from $71,860,000, of series 2012A bonds and $123,595,000, restructured from $139,505,000, of series 2012B bonds.
The bonds priced with an aggregate true interest cost of 3.06%. Citigroup Global Markets Inc. was the winning bidder of the competitive sale.
The bonds priced with 4% to 5% coupons to yield 0.43% to 3.85% over the maturities from 2013 through 2027.
Public Financial Management, Inc. was the financial advisor.
Proceeds will be used to refund outstanding maturities of the series 2002A and 2002B airport parking revenue bonds.
| Issuer: | Maryland Transportation Authority/Baltimore/Washington International Thurgood Marshall Airport
|
| Amount: | $190.56 million
|
| Issue: | Airport parking revenue refunding bonds
|
| Maturity: | 2013-2027
|
| Type: | Competitive
|
| True interest cost: | 3.06%
|
| Coupon: | 4%-5%
|
| Yield: | 0.43%-3.85%
|
| Underwriter: | Citigroup Global Markets Inc.
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | April 11
|
| Settlement: | April 25
|
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