New Issue: Austin, Texas, prices $244.5 million of airport system revenue bonds

By Sheri Kasprzak

New York, Dec. 9 – The City of Austin, Texas, sold $244,495,000 of series 2014 airport system revenue bonds, said a pricing sheet. The deal was cut from $267 million.

The bonds (A1) were sold through senior manager Citigroup Global Markets Inc.

The bonds are due 2026 to 2034 with term bonds due in 2039 and 2044. The serial bonds have 5% coupons with 3.05% to 3.5% yields. The 2039 bonds have a 5% coupon priced at 111.266 to yield 3.63%, and the 2044 bonds have a 5% coupon priced at 110.394 to yield 3.73%.

Proceeds will be used to expand a terminal, design a parking garage and make other capital improvements at the Austin-Bergstrom International Airport.

Issuer:	City of Austin
Issue:	Series 2014 airport system revenue bonds
Amount:	$244,495,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. (lead), RBC Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Loop Capital Markets LLC and Estrada Hinojosa & Co. Inc. (co-managers)
Rating:	Moody’s: A1
Pricing date:	Dec. 9
Settlement date:	Jan. 5
Amount	Maturity	Type	Coupon	Price	Yield
$8,005,000	2026	Serial	5%	116.495	3.05%
$8,405,000	2027	Serial	5%	115.665	3.14%
$8.83 million	2028	Serial	5%	115.024	3.21%
$9.27 million	2029	Serial	5%	114.387	3.28%
$9.73 million	2030	Serial	5%	113.935	3.33%
$10.22 million	2031	Serial	5%	113.485	3.38%
$10.73 million	2032	Serial	5%	113.037	3.43%
$11,265,000	2033	Serial	5%	112.769	3.46%
$11.83 million	2034	Serial	5%	112.413	3.5%
$68.62 million	2039	Term	5%	111.266	3.63%
$87.59 million	2044	Term	5%	110.394	3.73%

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