Published on 9/22/2015 in the Prospect News Municipals Daily.
New Issue: Wayne County Airport Authority, Mich., brings $521.73 million of bonds
By Sheri Kasprzak
New York, Sept. 22 – The Wayne County Airport Authority of Michigan priced $521.73 million of series 2015 airport revenue bonds, according to a pricing sheet. The offering was downsized from $587.78 million.
The deal included $214,335,000 of series 2015D non-AMT bonds, $7.76 million of series 2015E AMT bonds, $224,625,000 of series 2015F AMT refunding bonds and $75.01 million of series 2015G non-AMT refunding bonds.
The 2015D bonds are due 2018 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 3% to 5%. The 2040 bonds have a 5% coupon priced at 108.255 and a 5% coupon priced at 109.477. The 2045 bonds have a 5% coupon priced at 107.651 and a 5% coupon priced at 108.864.
The 2015E bonds are due Dec. 1, 2038 and have a 5% coupon priced 105.693.
The 2015F bonds are due 2025 to 2034 with 5% coupons.
The 2015G bonds are due 2017 to 2036 with 2% to 5% coupons.
The bonds (A2/A/A-) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
Proceeds will be used to finance the authority’s four-year capital improvement program for the airport, as well as to refund its series 2001A hotel bonds.
| Issuer: | Wayne County Airport Authority, Mich.
|
| Issue: | Series 2015 airport revenue bonds
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| Amount: | $521.73 million
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, PNC Capital Markets LLC, Loop Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A2
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| Standard & Poor’s: A
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| Fitch: A-
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| Pricing date: | Sept. 22
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| Settlement date: | Oct. 15
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| $214,335,000 series 2015D non-AMT bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $100,000 | 2018 | Serial | 3% | 104.91
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| $100,000 | 2019 | Serial | 3% | 105.037
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| $100,000 | 2020 | Serial | 4% | 109.342
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| $100,000 | 2021 | Serial | 4% | 109.065
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| $100,000 | 2022 | Serial | 4% | 108.578
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| $100,000 | 2023 | Serial | 4% | 108.137
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| $100,000 | 2024 | Serial | 4% | 108.096
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| $100,000 | 2025 | Serial | 4% | 107.859
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| $100,000 | 2026 | Serial | 4% | 106.603
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| $100,000 | 2027 | Serial | 4% | 105.364
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| $100,000 | 2028 | Serial | 4% | 104.664
|
| $8,695,000 | 2029 | Serial | 5% | 112.694
|
| $9.13 million | 2030 | Serial | 5% | 111.969
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| $9,585,000 | 2031 | Serial | 5% | 111.25
|
| $10,065,000 | 2032 | Serial | 5% | 111.34
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| $10.57 million | 2033 | Serial | 5% | 110.005
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| $11,095,000 | 2034 | Serial | 5% | 109.741
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| $11.65 million | 2035 | Serial | 5% | 109.389
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| $38,645,000 | 2040 | Term | 5% | 108.255
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| $20 million | 2040 | Term | 5% | 109.477
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| $73.8 million | 2045 | Term | 5% | 107.651
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| $10 million | 2045 | Term | 5% | 108.864
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|
|
| $7.76 million series 2015E AMT bonds
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| Maturity | Type | Coupon | Price
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| Dec. 1, 2038 | Term | 5% | 105.693
|
|
|
| $224,625,000 series 2015F AMT refunding bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $19.84 million | 2025 | Serial | 5% | 113.333
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| $20.86 million | 2026 | Serial | 5% | 112.422
|
| $21,905,000 | 2027 | Serial | 5% | 111.519
|
| $23.03 million | 2028 | Serial | 5% | 110.715
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| $24.21 million | 2029 | Serial | 5% | 109.917
|
| $20,765,000 | 2030 | Serial | 5% | 109.126
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| $21.8 million | 2031 | Serial | 5% | 108.516
|
| $22,905,000 | 2032 | Serial | 5% | 107.996
|
| $24.05 million | 2033 | Serial | 5% | 107.565
|
| $25.26 million | 2034 | Serial | 5% | 107.222
|
|
|
| $75.01 million series 2015G non-AMT refunding bonds
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| Amount | Maturity | Type | Coupon | Price
|
| $1.6 million | 2017 | Serial | 5% | 108.355
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| $500,000 | 2016 | Serial | 2% | 101.457
|
| $2 million | 2018 | Serial | 5% | 111.01
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| $2.52 million | 2019 | Serial | 5% | 112.971
|
| $2,645,000 | 2020 | Serial | 5% | 114.183
|
| $2.78 million | 2021 | Serial | 5% | 114.731
|
| $2.92 million | 2022 | Serial | 5% | 115.029
|
| $3,065,000 | 2023 | Serial | 5% | 115.34
|
| $3,215,000 | 2024 | Serial | 5% | 116.036
|
| $3.38 million | 2025 | Serial | 5% | 116.498
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| $3,545,000 | 2026 | Serial | 5% | 115.182
|
| $3,725,000 | 2027 | Serial | 5% | 113.884
|
| $3.91 million | 2028 | Serial | 5% | 113.15
|
| $4,105,000 | 2029 | Serial | 5% | 112.694
|
| $4.31 million | 2030 | Serial | 5% | 111.694
|
| $4,525,000 | 2031 | Serial | 5% | 111.25
|
| $4,755,000 | 2032 | Serial | 5% | 110.448
|
| $4.99 million | 2033 | Serial | 5% | 110.005
|
| $5.24 million | 2034 | Serial | 5% | 109.389
|
| $5.5 million | 2035 | Serial | 5% | 109.389
|
| $5.78 million | 2036 | Serial | 5% | 109.039
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