By Sheri Kasprzak
New York, Nov. 23 - The Wayne County Airport Authority of Michigan priced $169.43 million of series 2011 airport revenue refunding bonds, according to a pricing sheet. The offering was upsized from $126.965 million.
The offering included $152.465 million of series 2011A AMT bonds and $16.965 million of series 2011B non-AMT bonds.
The 2011A bonds are due 2019 to 2022 with 4% to 5% coupons. The 2011B bonds are due 2014 to 2020 with 3% to 5% coupons.
J.P. Morgan Securities LLC and Citigroup Global Markets Inc. were the senior managers. The co-managers were Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to refund the authority's series 1998A and 2002C airport revenue bonds.
Issuer: | Wayne County Airport Authority
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Issue: | Series 2011 airport revenue refunding bonds
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Amount: | $169.43 million
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Type: | Negotiated
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Underwriters: | J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (lead), Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
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Pricing date: | Nov. 17
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Settlement date: | Nov. 30
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$152.465 million series 2011A AMT bonds
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Amount | Maturity | Type | Coupon | Price
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$35.41 million | 2019 | Serial | 5% | 106.79
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$22.225 million | 2020 | Serial | 4% | 99.402
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$15 million | 2020 | Serial | 5% | 105.715
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$38.915 million | 2021 | Serial | 5% | 105.226
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$12 million | 2022 | Serial | 4.125% | 98.22
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$28.915 million | 2022 | Serial | 5% | 104.155
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$16.965 million series 2011B non-AMT bonds
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Amount | Maturity | Type | Coupon | Price
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$2.135 million | 2014 | Serial | 3% | 103.67
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$2.2 million | 2015 | Serial | 5% | 110.712
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$2.31 million | 2016 | Serial | 5% | 111.389
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$2.42 million | 2017 | Serial | 5% | 111.902
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$2.54 million | 2018 | Serial | 3% | 99.561
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$2.615 million | 2019 | Serial | 5% | 111.498
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$2.745 million | 2020 | Serial | 5% | 110.684
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