San Diego County Regional Airport Authority
Subordinate Airport Revenue Bonds,
Series 2010A & B (Non-AMT) and 2010C (Taxable BABs)
San Diego International AIRPORT raises $572.5 million for various purposes
On September 22, 2010, Siebert Brandford Shank served as senior manager on $572.5 million of Subordinate Airport Revenue Bonds for the San Diego County Regional Airport Authority (the “Authority”). The Series 2010 Bonds were issued to fund a significant portion of the Authority’s ongoing CIP, new terminal development program and to refund existing commercial paper. Approximately $204.7 million of orders were received during the retail order period, of which $179 million were placed by Siebert Brandford Shank (82.02%). As a result of these yield reductions, the Authority’s non-AMT bonds priced at extremely tight spreads to MMD—the spreads to MMD ranged from between 40 and 92 basis points across the yield curve. Due to aggressive pricing levels, the Authority made the decision to increase the size of the borrowing by $170 million to lock in the current low interest rates.