Published on 8/20/2014 in the Prospect News Municipals Daily.
New Issue: Niagara Frontier Transportation, N.Y., prices $78.75 million of bonds
By Sheri Kasprzak
New York, Aug. 20 – The Niagara Frontier Transportation Authority of New York sold $78.75 million of series 2014 airport revenue bonds for the Buffalo Niagara International Airport, according to a pricing sheet.
The bonds (Baa1//BBB+) were sold through lead manager BofA Merrill Lynch.
The deal included $66,185,000 of series 2014A AMT refunding bonds and $12,565,000 of series 2014B non-AMT refunding bonds.
The 2014A bonds are due 2015 to 2029 with 3% to 5% coupons.
The 2014B bonds are due 2016 to 2019 with 4% to 5% coupons.
Proceeds will be used to refund the authority’s series 1998 and 1999A-B revenue bonds.
| Issuer: | Niagara Frontier Transportation Authority/Buffalo Niagara International Airport
|
| Issue: | Series 2014 airport revenue bonds
|
| Amount: | $78.75 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| Fitch: BBB+
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 3
|
|
|
| $66,185,000 series 2014A AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,995,000 | 2015 | Serial | 4% | 102.128
|
| $1,145,000 | 2016 | Serial | 5% | 106.603
|
| $1,205,000 | 2017 | Serial | 4% | 107.191
|
| $1.26 million | 2018 | Serial | 3% | 105.169
|
| $1.56 million | 2019 | Serial | 4% | 109.302
|
| $4,995,000 | 2020 | Serial | 5% | 114.846
|
| $5.24 million | 2021 | Serial | 5% | 115.599
|
| $5,505,000 | 2022 | Serial | 4% | 108.567
|
| $5.57 million | 2023 | Serial | 5% | 115.433
|
| $5,805,000 | 2024 | Serial | 5% | 115.638
|
| $6.04 million | 2025 | Serial | 5% | 114.39
|
| $6.14 million | 2026 | Serial | 5% | 113.07
|
| $6,395,000 | 2027 | Serial | 5% | 112.287
|
| $6.62 million | 2028 | Serial | 5% | 112.114
|
| $5.71 million | 2029 | Serial | 5% | 111.511
|
|
|
| $12,565,000 series 2014B non-AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.03 million | 2016 | Serial | 4% | 105.379
|
| $3,145,000 | 2017 | Serial | 5% | 110.504
|
| $3,305,000 | 2018 | Serial | 4% | 109.85
|
| $3,085,000 | 2019 | Serial | 5% | 115.331
|
|
|
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