Philadelphia to sell $237 million of airport revenue refunding bonds

By Sheri Kasprzak

New York, Nov. 30 - The City of Philadelphia is set to price $236.995 million of series 2011 airport revenue refunding bonds, according to a preliminary official statement.

The sale includes $180.27 million of series 2011A AMT bonds, $23.885 million of series 2011B AMT bonds, $27.895 million of series 2011C taxable bonds and $4.945 million of series 2011D taxable bonds.

The bonds (A2/A+/A) will be sold on a negotiated basis with RBC Capital Markets LLC and Loop Capital Markets LLC. The co-managers are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.

The maturities have not been determined.

Proceeds will be used to refund all or a portion of the city's series 2001B airport revenue bonds and a portion of its international terminal bonds.

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