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Sacramento County begins tender offer for airport system bonds
By Angela McDaniels
Tacoma, Wash., June 24 - The county of Sacramento has begun a tender offer for some of its series 2008B airport system senior revenue bonds and some of its series 2008E airport system subordinate and PFC revenue refunding bonds, according to a county news release.
For the series 2008B bonds, the offer includes the $8,355,000 4.25% bonds due 2013, $10,895,000 5.5% bonds due 2018, $13,940,000 5.75% bonds due 2024, $27,780,000 5.75% bonds due 2028, $86,355,000 5.25% bonds due 2033 and $164,405,000 5.25% bonds due 2039.
For the series 2008E bonds, the offer includes the $2,465,000 5% bonds due 2010, $7,545,000 4.25% bonds due 2013, $13.09 million 5.5% bonds due 2018 and $16,825,000 5.75% bonds due 2024.
Under a modified Dutch auction procedure, the county will determine a single purchase price per $1,000 principal amount of bonds for each maturity of each series of bonds based on all offer prices submitted by holders. All bonds in each series and maturity offered at or below this single purchase price or offered without a purchase price will be purchased by the county at that single price.
Holders will also receive accrued interest up to but excluding the payment date.
The offer will expire at 5 p.m. ET on July 14.
Holders whose offers are rejected by the county may reoffer their bonds to the county by 5 p.m. ET on July 15 at the applicable purchase prices determined by the county.
The county plans to use the proceeds from the issuance of series 2009B airport system senior revenue bonds and series 2009D and series 2009D airport system subordinate and PFC/grant revenue bonds to fund the offer.
J.P. Morgan Securities Inc. (212 834-3261) is the dealer manager, and Bank of New York Mellon Trust Co., NA is the tender agent. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500) is the information agent.
The county seat is Sacramento.
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