By Sheri Kasprzak
New York, June 9 - Miami International Airport priced $600 million in series 2008 aviation revenue bonds, according to an official statement.
The bonds (A2/A-/A) were sold on a negotiated basis with Banc of America Securities LLC as the senior manager. The co-managers were Estrada Hinojosa & Co., J.P. Morgan Securities Inc., Merrill Lynch, Rice Financial Products, Butler Wick & Co., Goldman, Sachs & Co., Jackson Securities, Lehman Brothers, Loop Capital Markets, M.R. Beal & Co., Raymond James, Siebert Brandford Shank & Co. and Wachovia Bank.
The bonds were sold through Miami-Dade County.
The sale includes $433.565 million in series 2008A AMT bonds due from 2024 to 2027 and 2038 with term bonds due 2033, 2038, 2041 and 2041. The serial bonds have coupons from 5.35% to 5.5%. The 2033 bonds have a 5.25% coupon to yield 5.39%. The 2038 bonds have a 5.25% coupon to yield 5.41%. The 2041 bonds have a 5.25% coupon to yield 5.43%. The 2041 bonds have a 5.5% coupon to yield 5.54%.
The sale also includes $166.435 million in series 2008B non-AMT bonds due 2016 to 2041. The coupons range from 4% to 5% with yields from 3.92% to 5.05%.
The proceeds from the deal will be used for the airport's capital improvement program and refunding of outstanding commercial paper.
| Issuer: | Miami International Airport
|
| Issue: | Series 2008 aviation revenue bonds
|
| Amount: | $600 million
|
| Type: | Negotiated
|
| Underwriters: | Banc of America Securities LLC (lead); Estrada Hinojosa & Co., J.P. Morgan Securities Inc., Merrill Lynch, Rice Financial Products, Butler Wick & Co., Goldman, Sachs & Co., Jackson Securities, Lehman Brothers, Loop Capital Markets, M.R. Beal & Co., Raymond James, Siebert Brandford Shank & Co. and Wachovia Bank (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Pricing date: | June 5
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2024 | Serial | 5.5% | 5.36%
|
| 2025 | Serial | 5.5% | 5.37%
|
| 2026 | Serial | 5.5% | 5.39%
|
| 2027 | Serial | 5.5% | 5.40%
|
| 2028 | Serial | 5.35% | 5.35%
|
| 2033 | Term | 5.25% | 5.39%
|
| 2038 | Term | 5.25% | 5.41%
|
| 2041 | Term | 5.25% | 5.43%
|
| 2041 | Term | 5.5% | 5.54%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2016 | Serial | 4% | 3.92%
|
| 2017 | Serial | 4% | 4.05%
|
| 2018 | Serial | 4.125% | 4.17%
|
| 2019 | Serial | 4.25% | 4.30%
|
| 2020 | Serial | 4.375% | 4.42%
|
| 2021 | Serial | 4.5% | 4.52%
|
| 2022 | Serial | 4.5% | 4.59%
|
| 2023 | Serial | 4.6% | 4.62%
|
| 2023 | Serial | 5% | 4.85%
|
| 2028 | Serial | 4.8% | 4.85%
|
| 2028 | Serial | 5% | 4.94%
|
| 2038 | Serial | 5% | 4.98%
|
| 2041 | Serial | 5% | 5.05%
|
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