Published on 9/30/2015 in the Prospect News Municipals Daily.
New Issue: Greater Orlando Aviation, Fla., prices $216.93 million airport bonds
By Sheri Kasprzak
New York, Sept. 30 – The Greater Orlando Aviation Authority of Florida sold $216.93 million of series 2015A AMT airport facilities revenue bonds, according to a pricing sheet. The offering was upsized slightly from $215,155,000.
The bonds (Aa3/AA-/AA-) were sold through senior managers J.P. Morgan Securities LLC and RBC Capital Markets LLC.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 2% to 5%. The 2040 bonds have a 4% coupon priced at 97.681 and a 5% coupon priced at 110.296. The 2045 bonds have a 5% coupon priced at 109.687.
Proceeds will be used to make improvements to the ticket lobby, federal inspection station facilities, a new central energy plant and refinance draws on a line of credit.
| Issuer: | Greater Orlando Aviation Authority
|
| Issue: | Series 2015A AMT airport facilities revenue bonds
|
| Amount: | $216.93 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and RBC Capital Markets LLC (lead), Jefferies & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: AA-
|
| Fitch: AA-
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,265,000 | 2016 | Serial | 2% | 101.482
|
| $2,435,000 | 2017 | Serial | 4% | 106.11
|
| $2,505,000 | 2018 | Serial | 4% | 108.023
|
| $3,905,000 | 2019 | Serial | 5% | 113.406
|
| $4,105,000 | 2020 | Serial | 4% | 110.418
|
| $4.31 million | 2021 | Serial | 5% | 116.559
|
| $4,525,000 | 2022 | Serial | 4% | 110.992
|
| $4.75 million | 2023 | Serial | 5% | 118.312
|
| $4.99 million | 2024 | Serial | 4% | 110.858
|
| $5.24 million | 2025 | Serial | 5% | 119.367
|
| $5.5 million | 2026 | Serial | 5% | 118.031
|
| $5,775,000 | 2027 | Serial | 5% | 116.901
|
| $6.06 million | 2028 | Serial | 5% | 115.783
|
| $6.37 million | 2029 | Serial | 5% | 114.954
|
| $6,685,000 | 2030 | Serial | 5% | 114.131
|
| $7.02 million | 2031 | Serial | 5% | 113.496
|
| $7.37 million | 2032 | Serial | 5% | 112.955
|
| $7.74 million | 2033 | Serial | 5% | 112.507
|
| $8,125,000 | 2034 | Serial | 5% | 112.06
|
| $8,535,000 | 2035 | Serial | 5% | 111.616
|
| $20 million | 2040 | Term | 4% | 97.681
|
| $28,515,000 | 2040 | Term | 5% | 110.296
|
| $60,205,000 | 2045 | Term | 5% | 109.687
|
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