Published on 2/25/2015 in the Prospect News Municipals Daily.
New Issue: Tulsa Airports Improvement, Okla., prices $76 million revenue bonds
By Sheri Kasprzak
New York, Feb. 25 – The Tulsa Airports Improvement Trust of Oklahoma sold $76,005,000 of series 2015 general airport revenue bonds, according to a pricing sheet.
The deal included $44,045,000 of series 20215A AMT bonds, $6.67 million of series 2015B AMT refunding bonds, $895,000 of series 2015C non-AMT bonds and $24,395,000 of series 2015D non-AMT refunding bonds.
The 2015A bonds are due 2015 to 2030 with term bonds due in 2035 and 2045. The serial coupons range from 2% to 5% with 0.7% to 3.82% yields. The 2035 bonds have a 5% coupon priced at 108.216 to yield 3.93%, and the 2045 bonds have a 5% coupon priced at 107.255 to yield 4.05%.
The 2015B bonds are due 2015 to 2018 with 2% to 4% coupons and 0.7% to 1.75% yields.
The 2015C bonds are due 2016 to 2025 with term bonds due in 2030, 2035 and 2045. The serial coupons range from 2% to 3% with yields from 0.95% to 3.2%. The 2030 bonds have a 4% coupon priced at par. The 2035 bonds have a 4.125% coupon priced at 99.248 to yield 4.18%, and the 2045 bonds have a 4.25% coupon priced at 99.152 to yield 4.3%.
The 2015D bonds are due 2015 to 2028 with 2% to 5% coupons and 0.62% to 3.14% yields.
The bonds (Baa1/BBB+/) were sold through RBC Capital Markets LLC.
Proceeds will be used to construct, acquire, equip and repair an existing parking garage at Tulsa International Airport, as well as to refund the trust’s series 2009B-C airport revenue bonds.
| Issuer: | Tulsa Airports Improvement Trust
|
| Issue: | Series 20215 general airport revenue bonds
|
| Amount: | $76,005,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Piper Jaffray & Co. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 5
|
|
|
| $44,045,000 series 2015A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $290,000 | 2015 | Serial | 2% | 100.309 | 0.70%
|
| $1.65 million | 2016 | Serial | 3% | 102.518 | 0.95%
|
| $1.51 million | 2017 | Serial | 4% | 105.823 | 1.35%
|
| $2.44 million | 2018 | Serial | 4% | 107.052 | 1.75%
|
| $3,025,000 | 2019 | Serial | 5% | 112.088 | 2.01%
|
| $3.21 million | 2020 | Serial | 5% | 113.356 | 2.28%
|
| $3,155,000 | 2021 | Serial | 5% | 114.479 | 2.48%
|
| $2.99 million | 2022 | Serial | 5% | 114.461 | 2.78%
|
| $2.81 million | 2023 | Serial | 5% | 114.577 | 2.99%
|
| $550,000 | 2024 | Serial | 5% | 114.036 | 3.23%
|
| $820,000 | 2025 | Serial | 5% | 113.012 | 3.35%
|
| $855,000 | 2026 | Serial | 5% | 111.581 | 3.52%
|
| $890,000 | 2027 | Serial | 5% | 110.749 | 3.62%
|
| $925,000 | 2028 | Serial | 5% | 109.924 | 3.72%
|
| $975,000 | 2029 | Serial | 5% | 109.515 | 3.77%
|
| $1,015,000 | 2030 | Serial | 5% | 109.107 | 3.82%
|
| $4,555,000 | 2035 | Term | 5% | 108.216 | 3.93%
|
| $12.38 million | 2045 | Term | 5% | 107.255 | 4.05%
|
|
|
| $6.67 million series 2015B AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,645,000 | 2015 | Serial | 2% | 100.309 | 0.70%
|
| $1,665,000 | 2016 | Serial | 3% | 102.518 | 0.95%
|
| $1.64 million | 2017 | Serial | 4% | 105.823 | 1.35%
|
| $1.72 million | 2018 | Serial | 4% | 107.052 | 1.75%
|
|
|
| $895,000 series 2015C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20,000 | 2016 | Serial | 2% | 101.289 | 0.95%
|
| $20,000 | 2017 | Serial | 2% | 101.605 | 1.27%
|
| $20,000 | 2018 | Serial | 2% | 101.224 | 1.61%
|
| $20,000 | 2019 | Serial | 2% | 100.363 | 1.91%
|
| $20,000 | 2020 | Serial | 2% | 98.867 | 2.23%
|
| $20,000 | 2021 | Serial | 2.25% | 99.019 | 2.42%
|
| $20,000 | 2022 | Serial | 2.5% | 98.885 | 2.67%
|
| $20,000 | 2023 | Serial | 2.625% | 98.5 | 2.83%
|
| $20,000 | 2024 | Serial | 2.75% | 98.151 | 2.98%
|
| $20,000 | 2025 | Serial | 3% | 98.262 | 3.20%
|
| $125,000 | 2030 | Term | 4% | 100 | 4.00%
|
| $155,000 | 2035 | Term | 4.125% | 99.248 | 4.18%
|
| $415,000 | 2045 | Term | 4.25% | 99.152 | 4.30%
|
|
|
| $24,395,000 series 2015D non-AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $435,000 | 2015 | Serial | 2% | 100.328 | 0.62%
|
| $1,995,000 | 2016 | Serial | 3% | 102.743 | 0.77%
|
| $70,000 | 2017 | Serial | 2% | 101.828 | 1.17%
|
| $60,000 | 2018 | Serial | 4% | 107.84 | 1.51%
|
| $1.85 million | 2019 | Serial | 5% | 113.394 | 1.71%
|
| $1.94 million | 2020 | Serial | 5% | 114.955 | 1.98%
|
| $2,035,000 | 2021 | Serial | 5% | 113.939 | 2.17%
|
| $2.14 million | 2022 | Serial | 5% | 112.776 | 2.39%
|
| $2,245,000 | 2023 | Serial | 5% | 111.939 | 2.55%
|
| $2.36 million | 2024 | Serial | 5% | 111.161 | 2.70%
|
| $2,475,000 | 2025 | Serial | 5% | 110.543 | 2.82%
|
| $2.6 million | 2026 | Serial | 5% | 109.93 | 2.94%
|
| $2.73 million | 2027 | Serial | 5% | 109.421 | 3.04%
|
| $1.46 million | 2028 | Serial | 5% | 108.915 | 3.14%
|
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