Wayne County Airport Authority, Mich., preps $657.77 million sale of revenue refunding bonds

By Sheri Kasprzak

New York, Nov. 24 - The Wayne County Airport Authority plans to sell $657.765 million of series 2010 airport revenue refunding bonds, according to a preliminary official statement.

The deal includes $297.8 million of series 2010A AMT bonds, $9.38 million of series 2010B non-AMT bonds, $322.3 million of series 2010C non-AMT bonds and $28.285 million of series 2010D non-AMT bonds.

The bonds (A2/A/A-) will be sold on a negotiated basis. Siebert Brandford Shank & Co. LLC and Citigroup Global Markets Inc. are the senior managers for the 2010A and 2010B bonds. The co-managers for the 2010A and 2010B bonds are J.P. Morgan Securities LLC, Loop Capital Markets LLC and Wells Fargo Bank, NA. The senior managers for the 2010C and 2010D bonds are J.P. Morgan and Citigroup. The co-managers are Loop, Siebert and Wells Fargo.

The maturities have not been set.

Proceeds will be used to refund existing debt.

The authority, based in Detroit, operates the Detroit Metropolitan Wayne County Airport and the Willow Run Airport.

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