By Sheri Kasprzak
New York, Dec. 7 - The Wayne County Airport Authority of Michigan sold $657.765 million of series 2010 airport revenue refunding bonds on Tuesday, said a partial pricing sheet.
The deal included $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 2010A and 2010B bonds (A2/A/A-) were sold through Siebert Brandford Shank & Co. LLC and Citigroup Global Markets Inc. The 2010C and 2010D bonds were sold through J.P. Morgan Securities LLC and Citigroup.
The co-managers for the 2010A and 2010B bonds were JPMorgan, Loop Capital Markets LLC and Wells Fargo Bank, NA. The co-managers for the 2010C and 2010D bonds were Loop, Siebert and Wells Fargo.
The 2010A bonds are due 2011 to 2018 with 2% to 5% coupons. The 2010B bonds are due 2011 and 2013 with 4% to 5% coupons. The 2010C bonds are due 2011 to 2022 with 1.5% to 5.5% coupons, and the 2010D bonds are due 2011 to 2021 with 1.5% to 5.5% coupons.
Proceeds will be used to refund debt.
The authority is based in Detroit.
| Issuer: | Wayne County Airport Authority
|
| Issue: | Series 2010 airport revenue refunding bonds
|
| Amount: | $657.765 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and Citigroup Global Markets Inc. (leads for 2010A and 2010B); J.P. Morgan Securities LLC and Citigroup (leads for 2010C and 2010D); JPMorgan, Loop Capital Markets LLC and Wells Fargo Bank, NA (co-managers for 2010A and 2010B); Loop, Siebert and Wells Fargo (co-managers for 2010C and 2010D)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 16
|
|
|
| $297.8 million series 2010A AMT bonds
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 2%
|
| 2012 | Serial | 3%
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
|
|
| $9.38 million series 2010B non-AMT bonds
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 4%
|
| 2013 | Serial | 5%
|
|
|
| $322.3 million series 2010C non-AMT bonds
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 1.5%
|
| 2012 | Serial | 5%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5.5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
|
|
| $28.285 million series 2010D non-AMT bonds
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 1.5%
|
| 2012 | Serial | 2%
|
| 2013 | Serial | 3%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5.5%
|
| 2020 | Serial | 5.5%
|
| 2021 | Serial | 5%
|
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