Miami-Dade County, Florida, issued $918.2 million in bonds to refund previously issued aviation bonds.
The county sold $779.7 million in taxable bonds and $138.5 million in tax-exempt bonds. The taxable bonds mature between 2027 and 2036, yielding between 3.65% and 3.9%. The tax-exempt bonds mature between 2025 and 2037, yielding between 2.96% and 3.25%. All of the bonds pay interest at 5%.
The securities received a rating of A+ from Fitch Ratings, AA- from Kroll Bond Rating Agency, and A+ from S&P Global Ratings.
The county sold the bonds on behalf of the Miami-Dade County Aviation Department, which owns Miami International Airport (MIA). The rating reflects MIA’s “strong position in the south Florida market for both domestic and international air service,” Fitch analysts wrote.
The issuance comes amid increasing growth at MIA. Passenger and freight activity at the airport each exceeded prepandemic levels in 2023.
The county will use the issuance proceeds to refund airport bonds that it sold in 2014.
The bonds are special, limited obligations of the county, payable by airport revenue.
Barclays Capital Inc served as lead underwriter on the issuance, purchasing the bonds for more than $997 million. The price reflected a premium of $82.5 million and a discount of $3 million. Hilltop Securities Inc acted as financial advisor.