San Francisco airport commission defeases international airport bonds

By Marisa Wong

Milwaukee, April 8 - The Airport Commission of the City and County of San Francisco gave notice that it has defeased and will redeem several series of its San Francisco International Airport bonds.

The commission has defeased its second series revenue notes, series 2008A; its 1998 second series revenue bonds, issues 15A, 15B, 18A, 20, 21 and 22; its 1999 second series revenue bonds, issues 23A and 23B; its 2000 second series revenue bonds, issues 24A, 24B, 25A, 26A and 26B; its 2001 second series revenue bonds, issue 28B; and a portion of its 2001 second series revenue bonds, issue 27B.

The 2008A bonds will be purchased on May 3 at par, plus accrued interest up to the purchase date. The 2008A bonds include $49,945,000 of 5.5% notes due May 3, 2010 and $50 million of 6.5% notes due May 3, 2010.

Defeased are the following issue 15A bonds, totaling $32.02 million, all to be redeemed May 7 at par:

• $7,105,000 of 4.6% bonds due May 1, 2011;

• $7,515,000 of 4.7% bonds due May 1, 2012;

• $6,285,000 of 5% bonds due May 1, 2018; and

• $11,115,000 of 5% bonds due May 1, 2019.

Defeased are $11,735,000 of issue 15B bonds, to be redeemed May 7 at par, including $6,385,000 of 4.4% bonds due May 1, 2011 and $5.35 million of 4.5% bonds due May 1, 2012.

Defeased are the following issue 18A bonds, totaling $18,385,000, all to be redeemed May 7 at par:

• $4.06 million of 5% bonds due May 1, 2015;

• $4.52 million of 5% bonds due May 1, 2017; and

• $9,805,000 of 5% bonds due May 1, 2019.

Defeased are the following issue 20 bonds, totaling $146.07 million, all to be redeemed May 7 at par:

• $13,315,000 of 4.5% bonds due May 1, 2011;

• $13,955,000 of 4.5% bonds due May 1, 2012;

• $14.6 million of 4.5% bonds due May 1, 2013;

• $7.47 million of 4.75% bonds due May 1, 2014;

• $7,845,000 of 4.75% bonds due May 1, 2015;

• $8,265,000 of 4.75% bonds due May 1, 2016;

• $8.67 million of 4.5% bonds due May 1, 2017;

• $9,065,000 of 4.5% bonds due May 1, 2018;

• $9.52 million of 4.5% bonds due May 1, 2019; and

• $53,365,000 of 4.5% bonds due May 1, 2023.

Defeased are the following issue 21 bonds, totaling $36,085,000, all to be redeemed May 7 at par:

• $1,895,000 of 4.5% bonds due May 1, 2011;

• $2 million of 4.5% bonds due May 1, 2012;

• $2.13 million of 4.5% bonds due May 1, 2013;

• $2,275,000 of 4.75% bonds due May 1, 2014;

• $2,395,000 of 4.75% bonds due May 1, 2015;

• $2,525,000 of 4.75% bonds due May 1, 2016;

• $2,665,000 of 4.5% bonds due May 1, 2017;

• $2.84 million of 4.5% bonds due May 1, 2018;

• $3,035,000 of 4.5% bonds due May 1, 2019; and

• $14,325,000 of 4.5% bonds due May 1, 2023.

Defeased are the following issue 22 bonds, totaling $26,455,000, all to be redeemed May 7 at par:

• $3,865,000 of 4.7% bonds due May 1, 2014;

• $4.07 million of 4.75% bonds due May 1, 2015;

• $4.28 million of 4.75% bonds due May 1, 2016;

• $4,505,000 of 4.75% bonds due May 1, 2017; and

• $9,735,000 of 4.75% bonds due May 1, 2019.

Defeased are the following issue 23A bonds, totaling $44,925,000, all to be redeemed May 7 at 100.5:

• $4.62 million of 5.5% bonds due May 1, 2013;

• $4,875,000 of 5.25% bonds due May 1, 2014;

• $5,145,000 of 5.25% bonds due May 1, 2015;

• $5,425,000 of 5.25% bonds due May 1, 2016;

• $5,725,000 of 5% bonds due May 1, 2017;

• $6.04 million of 5% bonds due May 1, 2018;

• $6.37 million of 5.125% bonds due May 1, 2019; and

• $6,725,000 of 5% bonds due May 1, 2020.

Defeased are the following issue 23B bonds, totaling $7.76 million, all to be redeemed May 7 at 100.5:

• $355,000 of 4.5% bonds due May 1, 2011;

• $2,125,000 of 4.625% bonds due May 1, 2012;

• $2.24 million of 4.75% bonds due May 1, 2013;

• $2,365,000 of 4.75% bonds due May 1, 2014; and

• $675,000 of 5% bonds due May 1, 2024.

Defeased are the following issue 24A bonds, totaling $15,375,000, all to be redeemed May 7 at 101:

• $2.73 million of 5.75% bonds due May 1, 2013;

• $2.89 million of 5.75% bonds due May 1, 2014;

• $3,065,000 of 5.75% bonds due May 1, 2015;

• $3.25 million of 5.875% bonds due May 1, 2016; and

• $3.44 million of 5.5% bonds due May 1, 2017.

Defeased are the following issue 24B bonds, totaling $2,085,000, all to be redeemed May 7 at 101:

• $655,000 of 5% bonds due May 1, 2011;

• $695,000 of 5% bonds due May 1, 2012; and

• $735,000 of 5.125% bonds due May 1, 2013.

Defeased are the following issue 25 bonds, totaling $17.31 million, all to be redeemed May 7 at 101:

• $3.07 million of 5.75% bonds due May 1, 2013;

• $3,255,000 of 5.75% bonds due May 1, 2014;

• $3.45 million of 5.75% bonds due May 1, 2015;

• $3.66 million of 5.875% bonds due May 1, 2016; and

• $3,875,000 of 5.5% bonds due May 1, 2017.

Defeased are the following issue 26A bonds, totaling $26.75 million, all to be redeemed May 7 at 101:

• $2.03 million of 5% bonds due May 1, 2011;

• $2.15 million of 5% bonds due May 1, 2012;

• $2.28 million of 5% bonds due May 1, 2013;

• $2,415,000 of 5% bonds due May 1, 2014;

• $2.56 million of 5% bonds due May 1, 2015;

• $2,715,000 of 5% bonds due May 1, 2016;

• $2,875,000 of 5% bonds due May 1, 2017; and

• $9,725,000 of 5.25% bonds due May 1, 2021.

Defeased are the following issue 26B bonds, totaling $107,375,000, all to be redeemed May 7 at 101:

• $3.51 million of 5% bonds due May 1, 2011;

• $3,725,000 of 4.5% bonds due May 1, 2012;

• $3.94 million of 4.5% bonds due May 1, 2013;

• $4,185,000 of 4.625% bonds due May 1, 2014;

• $4,435,000 of 4.75% bonds due May 1, 2015;

• $4.7 million of 4.75% bonds due May 1, 2016;

• $6,285,000 of 5% bonds due May 1, 2021;

• $6,665,000 of 5% bonds due May 1, 2022;

• $7,065,000 of 5% bonds due May 1, 2023

• $7.49 million of 5% bonds due May 1, 2024;

• $7.94 million of 5% bonds due May 1, 2025;

• $8,415,000 of 5% bonds due May 1, 2026; and

• $39.02 million of 5% bonds due May 1, 2030.

Defeased are $7,595,000 of issue 28B bonds, to be redeemed on May 1, 2012 at par, including $3,705,000 of 5.25% bonds due May 1, 2013 and $3.89 million of 5.25% bonds due May 1, 2014.

The commission defeased $56,695,000 of outstanding issue 27B bonds and plans to redeem the defeased bonds at par on May 1, 2011.

The Bank of New York Mellon Trust Co., NA is the trustee and agent.

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