Published on 7/22/2015 in the Prospect News Municipals Daily.
New Issue: Hillsborough Aviation, Fla., prices $322.18 million Tampa airport bonds
By Sheri Kasprzak
New York, July 22 – The Hillsborough County Aviation Authority of Florida priced $322.18 million of series 2015 revenue bonds for the Tampa International Airport, according to a pricing sheet.
The deal included $148,435,000 of series 2015A senior AMT bonds (Aa3/AA-/A+), $19.62 million of series 2015A subordinate AMT bonds (A1/A+/A) and $154,125,000 of series 2015B subordinate non-AMT bonds (A1/A+/A).
The 2015A senior bonds are due 2027 to 2035 with term bonds due in 2040 and 2044. The serial bonds have 5% coupons. The 2040 bonds have a 5% coupon priced at 108.219 and the 2044 bonds have a 5% coupon priced at 107.662.
The 2015A subordinate bonds are due 2031 to 2035 with term bonds due in 2040 and 2044. The serial bonds have 5% coupons. The 2040 bonds have a 5% coupon priced at 107.108 and the 2044 bonds have a 5% coupon priced at 106.558.
The 2015B subordinate bonds are due 2031 to 2035 with term bonds due in 2040 and 2044. The serial bonds have 5% coupons. The 2040 bonds have a 5% coupon priced at 109.425 and the 2044 bonds have a 5% coupon priced at 108.86.
Proceeds will be used to make improvements to relieve congestion on roadways at the airport’s main terminal.
| Issuer: | Hillsborough County Aviation Authority, Fla./Tampa International Airport
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $322.18 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers)
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 13
|
|
|
| $148,435,000 series 2015A senior AMT bonds (Aa3/AA-/A+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.28 million | 2027 | Serial | 5% | 113.476
|
| $5.54 million | 2028 | Serial | 5% | 112.718
|
| $5,815,000 | 2029 | Serial | 5% | 112.05
|
| $6.11 million | 2030 | Serial | 5% | 111.47
|
| $6,415,000 | 2031 | Serial | 5% | 110.975
|
| $6.74 million | 2032 | Serial | 5% | 110.564
|
| $7.07 million | 2033 | Serial | 5% | 110.156
|
| $7,425,000 | 2034 | Serial | 5% | 109.83
|
| $7.79 million | 2035 | Serial | 5% | 109.506
|
| $45,225,000 | 2040 | Term | 5% | 108.219
|
| $45,025,000 | 2044 | Term | 5% | 107.662
|
|
|
| $19.62 million series 2015A subordinate AMT bonds (A1/A+/A)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2031 | Serial | 5% | 109.749
|
| $1.05 million | 2032 | Serial | 5% | 109.344
|
| $1,105,000 | 2033 | Serial | 5% | 108.941
|
| $1.16 million | 2034 | Serial | 5% | 108.619
|
| $1,215,000 | 2035 | Serial | 5% | 108.299
|
| $7,065,000 | 2040 | Term | 5% | 107.108
|
| $7,025,000 | 2044 | Term | 5% | 106.558
|
|
|
| $154,125,000 series 2015B subordinate non-AMT bonds (A1/A+/A)
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,865,000 | 2031 | Serial | 5% | 112.551
|
| $8,255,000 | 2032 | Serial | 5% | 112.05
|
| $8.67 million | 2033 | Serial | 5% | 111.552
|
| $9,105,000 | 2034 | Serial | 5% | 111.057
|
| $9.56 million | 2035 | Serial | 5% | 110.81
|
| $55.46 million | 2040 | Term | 5% | 109.425
|
| $55.21 million | 2044 | Term | 5% | 108.86
|
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