Metropolitan Washington Airports postpones $175 million bond sale

By Cristal Cody

Tupelo, Miss., Oct. 1 - The Metropolitan Washington Airports Authority postponed entering the market Wednesday with $175 million in revenue bonds and now plans to wait out the latest volatility, a source with the issuer told Prospect News.

The series 2008B bonds (Aa3/AA-/AA) are approved to be sold between now and January 2009.

Siebert Brandford Shank & Co. will be the senior manager of the negotiated sale.

Co-managers are Morgan Stanley & Co., Banc of America Securities LLC, Citigroup Global Markets, J.P. Morgan Securities Inc., Loop Capital Markets LLC, Merrill Lynch & Co. and Morgan Keegan & Co.

Proceeds will be used to pay for capital project costs, capitalized interest on outstanding bonds, a deposit to the reserve account and the costs to terminate interest rate swap agreements with Wachovia Bank and the Bank of Montreal.

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