Northwest Arkansas Airport Launches $42 Million Refunding

Albanese, Elizabeth
April 2003
Bond Buyer;4/24/2003, Vol. 344 Issue 31621, p3
Trade Publication
Northwest Arkansas Regional Airport Authority will hold an institutional order period for 41.86 million dollars of refunding revenue bonds on April 2003 that will be used to redeem high-yield unrated debt sold for construction of the four-year old airport located in Highfill, Arkansas.Airport officials in February 2003 received tender offers on 44 million dollars of the original bonds, which were issued before the airport was built and operational. None of the 2004 bonds were tendered, but the airport authority offered investors holding the 2027 coupons a one-time premium above par of 10 percent, while investors holding the 2010 bonds would receive a one-time 7 percent premium. The airport also is rated by one agency, Fitch Ratings Inc., which gave the airport's credit and new bonds a BBB-minus.


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