FY2016 CCDOA Financial Report as of 6302016.pdf - page 48

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On July 8, 2016, the Irrevocable Transferable Letter of Credit with Bank of America, N.A., for the Series 2008 D-3
Bonds was extended through July 8, 2019. Also on July 8, 2016, the Irrevocable Transferable Direct-Pay Letter of
Credit with Union Bank, N.A. for the Series 2010 F-2 PFC Bonds was extended through August 7, 2020. Refer to Note
17, "Subsequent Events," for further details.
On May 2, 2016, the County published a Notice of Full Redemption to the holders of the Clark County, Nevada
Airport System Subordinate Lien Revenue Bonds, Series 2006A. The outstanding principal balance on the bonds,
$31.1 million, has been called for full redemption on July 1, 2016, along with all outstanding interest due. Refer to
Note 17, "Subsequent Events," for further details.
On July 22, 2015, the Department issued $99.0 million of Series 2015C Passenger Facility Charge (PFC) Non-AMT
Refunding Revenue Bonds ("Series 2015C PFC Bonds"). The Department used the issuance proceeds to execute an
advance refunding of the Series 2007 A-2 PFC Non-AMT Bonds, to purchase a reserve fund surety policy for the
Series 2015C PFC Bonds, and to pay for certain costs of issuance. The Series 2015C PFC Bonds bear a fixed interest
rate of 5.00 percent and have staggered maturities through July 1, 2027.
On July 1, 2015, the County issued the Series 2015B Airport Junior Subordinate Lien Revenue Notes ("Series 2015B
Notes") for $165.1 million. The proceeds were used to satisfy the outstanding principal and interest balance of the
2013 C-1 Airport System Junior Subordinate Lien Notes and to pay certain issuance costs. The Series 2015B Notes
mature on July 1, 2017, and bear annual interest rates of 3.00 percent and 5.00 percent. Refer to Note 9, "Long-term
Debt," for more detail relating to the Department’s outstanding long-term debt.
At June 30, 2015, the Department had $4.3 billion in outstanding debt. This amount was made up of $958.1 million in
senior lien debt, $1,964.8 million in subordinate lien debt, $939.6 million in PFC-pledged debt on parity with the
subordinate lien debt, $146.9 million in third lien debt, and $277.7 million in fourth lien debt. All the current
outstanding debt is naturally or synthetically fixed interest rate debt, with an average interest rate for FY 2015 of
approximately 4.5 percent. Refer to Note 9, "Long-term Debt," for more detail relating to the Department’s
outstanding long-term debt.
On April 30, 2015, the County issued the Senior Series 2015A Airport System Revenue Bonds ("Series 2015A Bonds") for
$59.9 million. The proceeds from this issuance, along with $3.4 million in excess debt service reserve from the Series
2008E Airport System Senior Lien Revenue Bonds, were used to refund the outstanding principal and interest
balance of the Senior Series 2005A Airport System Revenue Bonds, to purchase a reserve fund policy for the Series
2015A Bonds, and to pay for certain costs of issuance. The Series 2015A Bonds bear a fixed interest rate of 5.00
percent with staggered maturities through July 1, 2040.
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