Published on 8/24/2012 in the Prospect News Municipals Daily.
New Issue: Wayne County Airport Authority, Mich., sells $278.07 million of bonds
By Sheri Kasprzak
New York, Aug. 24 - The Wayne County Airport Authority of Michigan priced $278,065,000 of series 2012 airport revenue bonds, according to a pricing sheet.
The deal included $177,565,000 of series 2012A bonds, $25.09 million of series 2012B AMT bonds, $3,885,000 of series 2012C non-AMT refunding bonds and $71,525,000 of series 2012D AMT refunding bonds.
The 2012A bonds are due 2016 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 3% to 5%. The 2037 bonds have a 5% coupon priced at 108.501. The 2042 bonds have a split maturity with a 5% coupon priced at 107.977 and a 5% coupon priced at 109.116.
The 2012B bonds are due 2016 to 2022 with term bonds due in 2028, 2032 and 2037. The serial bonds have 5% coupons. The 2028 bonds have a 5% coupon priced at 108.238 and the 2032 bonds have a 5% coupon priced at 106.422. The 2037 bonds have a 5% coupon priced at 104.225.
The 2012C bonds are due 2013 to 2020 with 3% to 4% coupons.
The 2012D bonds are due 2013 to 2019 with a term bond due in 2028. The serial coupons range from 3% to 5%. The 2028 bonds have a 5% coupon priced at 108.238.
The bonds (A2/A/A-) were sold through Citigroup Global Markets Inc. The co-managers for the 2012A-B bonds were J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC, Bank of America Merrill Lynch and Loop Capital Markets LLC. The co-managers for the 2012C-D bonds were J.P. Morgan, Siebert Brandford Shank, Wells Fargo Securities LLC and Loop Capital Markets.
Proceeds will be used to make capital improvements to the Detroit Wayne County Metropolitan Airport, as well as to refund the authority's series 1998A and 2002C-D revenue bonds.
| Issuer: | Wayne County Airport Authority
|
| Issue: | Series 2012 airport revenue bonds
|
| Amount: | $278,065,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC, Bank of America Merrill Lynch and Loop Capital Markets LLC (co-managers for 2012A-B), J.P. Morgan, Siebert Brandford Shank, Wells Fargo Securities LLC and Loop Capital Markets (co-managers for 2012C-D)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
| Pricing date: | Aug. 23
|
| Settlement date: | Sept. 6
|
|
|
| $177,565,000 series 2012A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2016 | Serial | 3% | 107.454
|
| $3.48 million | 2017 | Serial | 5% | 117.669
|
| $3,645,000 | 2018 | Serial | 5% | 117.953
|
| $3.82 million | 2019 | Serial | 5% | 117.827
|
| $4.02 million | 2020 | Serial | 5% | 117.362
|
| $4,235,000 | 2021 | Serial | 5% | 116.904
|
| $4,425,000 | 2022 | Serial | 5% | 117.318
|
| $4,645,000 | 2023 | Serial | 5% | 116.17
|
| $4,875,000 | 2024 | Serial | 5% | 115.412
|
| $5.12 million | 2025 | Serial | 5% | 114.66
|
| $5.38 million | 2026 | Serial | 5% | 114.007
|
| $5,655,000 | 2027 | Serial | 5% | 113.358
|
| $5,935,000 | 2028 | Serial | 5% | 112.714
|
| $6,245,000 | 2029 | Serial | 5% | 112.165
|
| $6.54 million | 2030 | Serial | 5% | 111.62
|
| $6.87 million | 2031 | Serial | 5% | 111.078
|
| $7,225,000 | 2032 | Serial | 5% | 110.539
|
| $41,895,000 | 2037 | Term | 5% | 108.501
|
| $20 million | 2042 | Term | 5% | 107.977
|
| $33,455,000 | 2042 | Term | 5% | 109.116
|
|
|
| $25.09 million series 2012B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2016 | Serial | 5% | 113.43
|
| $700,000 | 2017 | Serial | 5% | 114.679
|
| $735,000 | 2018 | Serial | 5% | 114.473
|
| $780,000 | 2019 | Serial | 5% | 113.894
|
| $810,000 | 2020 | Serial | 5% | 113.401
|
| $850,000 | 2021 | Serial | 5% | 112.586
|
| $890,000 | 2022 | Serial | 5% | 112.622
|
| $6,375,000 | 2028 | Term | 5% | 108.238
|
| $5,415,000 | 2032 | Term | 5% | 106.422
|
| $8,435,000 | 2037 | Term | 5% | 104.225
|
|
|
| $3,885,000 series 2012C non-AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.23 million | 2013 | Serial | 3% | 102.9
|
| $215,000 | 2014 | Serial | 3% | 104.888
|
| $220,000 | 2015 | Serial | 3% | 106.417
|
| $225,000 | 2016 | Serial | 3% | 107.454
|
| $235,000 | 2017 | Serial | 4% | 112.649
|
| $245,000 | 2018 | Serial | 4% | 112.104
|
| $255,000 | 2019 | Serial | 4% | 111.199
|
| $260,000 | 2020 | Serial | 4% | 110.004
|
|
|
| $71,525,000 series 2012D AMT refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.47 million | 2013 | Serial | 3% | 102.599
|
| $7 million | 2014 | Serial | 5% | 108.728
|
| $7,065,000 | 2015 | Serial | 5% | 111.416
|
| $4.96 million | 2016 | Serial | 5% | 113.43
|
| $5.24 million | 2017 | Serial | 5% | 114.679
|
| $5.49 million | 2018 | Serial | 5% | 114.473
|
| $5.56 million | 2019 | Serial | 5% | 113.894
|
| $29.74 million | 2028 | Term | 5% | 108.238
|
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