By Sheri Kasprzak
New York, Feb. 10 - The Memphis-Shelby County Airport Authority of Tennessee released details Friday about the $89.855 million of series 2011 refunding revenue bonds sold Thursday.
The offering included $57.825 million of series 2011A-1 AMT bonds and $32.03 million of series 2011A-2 non-AMT bonds, said a term sheet.
The bonds (A2/A-/A+) were sold through Morgan Keegan & Co. Inc. with Cabrera Capital Markets LLC, J.P. Morgan Securities LLC and Duncan-Williams Inc. as the co-managers.
The 2011A-1 bonds are due 2012 to 2022 with 3% to 6% coupons. The 2011A-2 bonds are due 2011 to 2018 with 3% to 5.5% coupons.
Proceeds will be used to refund the airport authority's series 1999D and 2001A AMT bonds.
| Issuer: | Memphis-Shelby County Airport Authority
|
| Issue: | Series 2011 refunding revenue bonds
|
| Amount: | $89.855 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. (lead), Cabrera Capital Markets LLC, J.P. Morgan Securities LLC and Duncan-Williams Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
| Pricing date: | Feb. 10
|
| Settlement date: | March 3
|
|
|
| $57.825 million series 2011A-1 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.585 million | 2012 | Serial | 3% | 101.698
|
| $5.655 million | 2013 | Serial | 4% | 103.829
|
| $8.33 million | 2014 | Serial | 5% | 106.644
|
| $8.915 million | 2015 | Serial | 5% | 105.970
|
| $10.61 million | 2016 | Serial | 5% | 105.535
|
| $4.01 million | 2017 | Serial | 5% | 104.173
|
| $4.15 million | 2018 | Serial | 5% | 102.645
|
| $3.72 million | 2019 | Serial | 5.75% | 105.887
|
| $3.93 million | 2020 | Serial | 5.75% | 104.693
|
| $4.195 million | 2021 | Serial | 6% | 105.341
|
| $2.725 million | 2022 | Serial | 6% | 104.164
|
|
|
| $32.03 million series 2011A-2 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.5 million | 2011 | Serial | 3% | NRO
|
| $4.125 million | 2012 | Serial | 3% | NRO
|
| $4.25 million | 2013 | Serial | 4% | 103.829
|
| $4.415 million | 2014 | Serial | 5% | 106.644
|
| $4.635 million | 2015 | Serial | 5% | 105.970
|
| $4.87 million | 2016 | Serial | 5% | 105.535
|
| $5.11 million | 2017 | Serial | 5.5% | 106.922
|
| $3.125 million | 2018 | Serial | 5.5% | 105.729
|
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