Los Angeles International Airport – 2010A

$930,155,000
Los Angeles International Airport
Senior Lien Revenue Bonds, Series 2010A

The Los Angeles International Airport $930,155,000 Senior Lien Revenue Bonds, Series 2010A, were issued in March 2010 to fund the construction of the new Tom Bradley International Terminal. As bookrunning senior manager, our firm evaluated the cost-effectiveness of multiple structuring alternatives and ultimately structured the bonds on a wrap-around basis to achieve overall level debt service and take advantage of low long-term fixed rates.

Siebert Brandford Shank sold $165 million of the $215 million of orders placed during the 1-day retail order period and leveraged this strong retail demand to create an aggressive pricing level for the institutional order period, achieving the tightest pricing spreads to MMD for any uninsured airport transaction since the 2008 credit crisis. Given the aggressive pricing levels, LAX staff were pleased to be able to add approximately $70 million more bonds than planned to take greater advantage of attractive interest rate levels.