TITLE

Gearing Up for Savings

AUTHOR(S)
DeSue, Tedra
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/5/2003, Vol. 344 Issue 31650, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article focuses on the plans of Atlanta, Georgia to issue 573 million dollars of fixed-and variable-rate refunding revenue bonds for Hartsfield Atlanta International Airport in a complex deal that will use a barter to achieve debt service savings, as the world's busiest airport continues to pursue a 6.4 billion dollars capital improvement plan. Jackson Securities Inc. is the book-runner on the fixed-rate deal. Atlanta will pay a synthetic fixed rate and receive a variable-rate payment based on 75 percent of the London Interbank Offered Rate (Libor) for one year, then 67 percent of Libor for the remaining term. While refunding of outstanding debt issued under the 2000 ordinance achieves debt service savings, refunding of debt sold under the 1977 ordinance will increase the airport's financing flexibility because the newer indenture allows for the issuance of other types of debt, including commercial paper and special-purpose bonds. The bonds will be insured by MBIA Insurance Corp. A liquidity facility for the variable-rate bonds will be provided by Bayerische Landesbank.
ACCESSION #
10014527

 

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