By Sheri Kasprzak
New York, Oct. 26 - The City of Philadelphia priced $619.32 million in series 2010 airport revenue bonds, according to a sellsider familiar with the offering.
The deal included $267.67 million in series 2010A non-AMT bonds, $25.13 million in series 2010B non-AMT refunding bonds, $56.215 million in series 2010C AMT refunding bonds and $270.305 million in series 2010D AMT refunding bonds.
The 2010A bonds are due 2011 to 2030 with term bonds due 2035 and 2040. Coupons range from 2% to 5.25% with yields from 1% to 4.7%. The 2010B bonds are due 2011 to 2015 with 2% to 5% coupons and 1.3% to 2.19% yields. The 2010C bonds are due 2011 to 2018 with 2% to 5% coupons and 1.78% to 3.74% yields. The 2010D bonds are due 2011 to 2025 with a term bond due 2028 and coupons from 2% to 5.25%. Yields range from 1.78% to 4.96%.
Bank of America Merrill Lynch was the lead manager for the bonds (A2/A+/A). The co-lead managers included J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Morgan Stanley & Co. Inc. The co-managers were Jackson Securities Inc., Morgan Keegan & Co. Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC.
Proceeds will be used to upgrade and modernize airport facilities, as well as refund the city's series 1997A airport revenue refunding bonds and series 1998A airport revenue refunding bonds.
| Issuer: | City of Philadelphia
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| Issue: | Series 2010 airport revenue bonds
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| Amount: | $619.32 million
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| Type: | Negotiated
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| Underwriters: | Bank of America Merrill Lynch (lead), J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Morgan Stanley & Co. Inc. (co-lead managers), Jackson Securities Inc., Morgan Keegan & Co. Inc., Loop Capital Markets LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | Oct. 26
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| Settlement date: | Nov. 15
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|
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| Series 2010A
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| Amount: | $267.67 million
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| Maturities: | 2011 to 2030, 2035 and 2040
|
| Coupons: | 2% to 5.25%
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| Yields: | 1% to 4.7%
|
|
|
| Series 2010B
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| Amount: | $25.13 million
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| Maturities: | 2011 to 2015
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| Coupons: | 2% to 5%
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| Yields: | 1.3% to 2.19%
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|
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| Series 2010C
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| Amount: | $56.215 million
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| Maturities: | 2011 to 2018
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| Coupons: | 2% to 5%
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| Yields: | 1.78% to 3.74%
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|
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| Series 2010D
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| Amount: | $270.305 million
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| Maturities: | 2011 to 2025, 2028
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| Coupons: | 2% to 5.25%
|
| Yields: | 1.78% to 4.96%
|
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