By Sheri Kasprzak
New York, June 8 – The New York Transportation Development Corp. sold $844.21 million of series 2016 special facility revenue bonds for American Airlines Inc., according to a pricing sheet. The deal was downsized from $850 million.
The bonds (//BB) were sold through Citigroup Global Markets Inc.
The bonds are due 2017 to 2021 with term bonds due in 2026 and 2031. The serial bonds have 5% coupons with yields from 1.85% to 2.90%. The 2026 bonds have a 5% coupon priced at 107.951 to yield 3.30% and the 2031 bonds have a 5% coupon priced at 106.977 to yield 3.50%.
Proceeds will be used to refund the corporation’s series 2002 and 2005 special facility revenue bonds, which were issued to finance the development of Terminal 8 at JFK Airport.
| Issuer: | New York Transportation Development Corp./American Airlines Inc.
|
| Issue: | Series 2016 special facility revenue bonds
|
| Amount: | $844.21 million
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. (lead)
|
| Rating: | Fitch: BB
|
| Pricing date: | June 7
|
| Settlement date: | June 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $34.33 million | 2017 | Serial | 5% | 103.489 | 1.85%
|
| $41,325,000 | 2018 | Serial | 5% | 105.993 | 2.10%
|
| $43.39 million | 2019 | Serial | 5% | 107.467 | 2.50%
|
| $45.56 million | 2020 | Serial | 5% | 108.714 | 2.75%
|
| $47,835,000 | 2021 | Serial | 5% | 109.93 | 2.90%
|
| $277.55 million | 2026 | Term | 5% | 107.951 | 3.30%
|
| $354.22 million | 2031 | Term | 5% | 106.977 | 3.50%
|
|
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