North Carolina's Piedmont Triad Airport Authority brings $98.115 million in variable-rate bonds

By Sheri Kasprzak

New York, March 12 - The Piedmont Triad Airport Authority in North Carolina is expected to price $98.115 million in variable-rate airport revenue bonds and airport revenue refunding bonds, a preliminary official statement said Wednesday.

The offering includes $65 million in series 2008A airport revenue bonds and $33.115 million in series 2008B revenue refunding bonds.

The 2008A bonds reset at the weekly rate, and the 2008B bonds bear interest at a long-term rate.

The series 2008A bonds are due 2032, and the 2008B bonds are due 2029.

Banc of America Securities LLC is the lead manager for the negotiated sale.

The airport authority plans to use the proceeds for capital improvements to the airport, including runway developments. The series 2008B bonds will be used to repay variable-rate bonds issued in 2004.

The pricing date has not been set at this time, a source at the authority said. The authority is set to vote Thursday on the sale.

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