Published on 5/29/2014 in the Prospect News Municipals Daily.
New Issue: Metro Washington Airport offers $542.32 million airport system bonds
By Sheri Kasprzak
New York, May 29 - The Metropolitan Washington Airport Authority priced $542.32 million of series 2014 airport system revenue and refunding bonds, according to a pricing sheet.
The bonds (A1/AA-/AA-) were sold through BofA Merrill Lynch.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5%. The 2039 bonds have a 4% coupon priced at 98.431 and the 2044 bonds have a 5% coupon priced at 108.682.
Proceeds will be used to finance capital improvements to the airport system and to refund existing debt.
| Issuer: | Metropolitan Washington Airport Authority
|
| Issue: | Series 2014 airport system revenue and refunding bonds
|
| Amount: | $542.32 million
|
| Type: | Negotiated
|
| Underwriter: | BofA Merrill Lynch
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | May 29
|
| Settlement date: | July 3
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,885,000 | 2015 | Serial | 4% | 104.592
|
| $20,645,000 | 2016 | Serial | 5% | 109.793
|
| $21.67 million | 2017 | Serial | 5% | 112.77
|
| $5,725,000 | 2018 | Serial | 2% | 102.63
|
| $20 million | 2018 | Serial | 5% | 114.96
|
| $27.01 million | 2019 | Serial | 5% | 116.215
|
| $6.89 million | 2020 | Serial | 3% | 105.599
|
| $10 million | 2020 | Serial | 5% | 117.269
|
| $14.89 million | 2021 | Serial | 5% | 117.919
|
| $31,265,000 | 2022 | Serial | 3% | 103.324
|
| $5,195,000 | 2023 | Serial | 3% | 102.108
|
| $27 million | 2023 | Serial | 5% | 118.341
|
| $28.81 million | 2024 | Serial | 5% | 118.59
|
| $2,845,000 | 2025 | Serial | 3% | 99.524
|
| $10 million | 2025 | Serial | 5% | 117.041
|
| $12,705,000 | 2026 | Serial | 5% | 115.801
|
| $37.77 million | 2027 | Serial | 5% | 115.14
|
| $48,695,000 | 2028 | Serial | 5% | 114.576
|
| $68,235,000 | 2029 | Serial | 5% | 113.738
|
| $58,775,000 | 2030 | Serial | 5% | 112.999
|
| $3.73 million | 2031 | Serial | 5% | 112.356
|
| $3.88 million | 2032 | Serial | 5% | 111.719
|
| $4,035,000 | 2033 | Serial | 4% | 100.496
|
| $4.2 million | 2034 | Serial | 4% | 100
|
| $23.76 million | 2039 | Term | 4% | 98.431
|
| $29,705,000 | 2044 | Term | 5% | 108.682
|
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