SACRAMENTO, Calif.,
June 24 /PRNewswire/ -- The County of
Sacramento (the “County”) today announced that it is offering to purchase for cash, upon the terms and subject to the conditions set forth in the Invitation to Tender Bonds dated
June 24, 2009 (the “Invitation”), and the related Questions and Answers dated
June 24, 2009 (the “Questions and Answers”) (collectively, the “Offer”), the following County of Sacramento Airport System Senior Revenue Bonds Series 2008B (AMT) (the “Series 2008B Bonds”):
Maturity Date Interest
(July 1) Principal Amount Rate CUSIP No.
-------- ---------------- ----- ---------
2013 $8,355,000 4.25% 786107JL7
2018 10,895,000 5.50 786107JM5
2024 13,940,000 5.75 786107JN3
2028 27,780,000 5.75 786107JP8
2033 86,355,000 5.25 786107JQ6
2039 164,405,000 5.25 786107JR4
and the following County of Sacramento Airport System Subordinate and PFC Revenue Refunding Bonds Series 2008E (AMT) (the “Series 2008E Bonds,” and collectively with the Series 2008B Bonds, the “Bonds”):
Maturity Date Interest
(July 1) Principal Amount Rate CUSIP No.
-------- ---------------- ----- ---------
2010 $2,465,000 5.00% 786107KT8
2013 7,545,000 4.25 786107KU5
2018 13,090,000 5.50 786107KV3
2024 16,825,000 5.75 786107KW1
Subject to the terms of the Offer, the County will purchase the Bonds of each maturity of each Series at separate purchase prices per $1,000 principal amount determined in accordance with a “Modified Dutch Auction” procedure described below, plus accrued and unpaid interest thereon to, but not including, the date that payment for such Bonds is made by the County. The Offer will expire at 5:00 p.m. (New York City time), on July 14, 2009, unless extended (the “Expiration Date”).
Under the “Modified Dutch Auction” procedure, upon the terms and subject to the conditions of the Offer, the County will determine a single purchase price per $1,000 principal amount of Bonds for each maturity of each Series of Bonds based on all offer prices submitted by holders of each maturity of each such Series of Bonds. Bonds of each Series and maturity offered at offer prices at or below this single purchase price will be purchased by the County at such purchase price. In addition, Bonds of such Series and maturity which were offered without specifying an offer price will be considered offered at this single purchase price and will be purchased by the County at such purchase price.
Holders whose offers are rejected by the County on the Expiration Date may reoffer their Bonds to the County by 5:00 p.m. (New York City time), on the business day following the Expiration Date (July 15, 2009), at the applicable purchase prices determined by the County on the Expiration Date.
Tendered Bonds may be withdrawn at any time on or prior to 5:00 p.m., New York City time, on the Expiration Date.
The County expects to issue its County of Sacramento Airport System Senior Revenue Bonds Series 2009B and its County of Sacramento Airport System Subordinate and PFC/Grant Revenue Bonds Series 2009D (collectively, the “Series 2009B/D Bonds”) in order to, among other things, provide funds to pay the purchase prices of the Bonds agreed to be purchased by the County. To the extent sufficient proceeds from the Series 2009B/D Bonds are not available, for any reason, the County will not purchase any of the Bonds. No assurances can be given that the Series 2009B/D Bonds will be issued in amounts sufficient to pay the purchase price of the Bonds selected for purchase or that the purchase of the Bonds will be completed.
The County has retained J.P. Morgan Securities Inc. to act as the dealer manager for the Offer. MacKenzie Partners, Inc. is the Information Agent for the Tender Offer and The Bank of New York Mellon Trust Company, N.A. is the Tender Agent for the Tender Offer. Institutional investors with questions about the Offer should contact J.P. Morgan Securities Inc. at (212) 834-3261. Individual investors and their brokers and account executives with questions about the Offer should contact MacKenzie Partners, Inc. at (800) 322-2885 (toll-free) or (212) 929-5500 (collect). Requests for documentation may be directed to MacKenzie Partners, Inc. at (800) 322-2885 (toll-free) or (212) 929-5500 (collect). Documents are also available on the Information Agent’s website at: www.ourmaterials.com/sacramentoairport.
This press release is for informational purposes only. This press release is not an offer to purchase or a solicitation of an offer to purchase with respect to any Bonds. The Offer is being made solely pursuant to the Invitation, the Questions and Answers and related documents. The Offer is not being made to holders of Bonds in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the County by the dealer manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
Forward-Looking Statements
This press release contains statements of a forward-looking nature that represent the County’s beliefs and assumptions concerning future events, including statements regarding the expected issuance of the Series 2009B/D Bonds. Forward-looking statements involve risks, uncertainties, and assumptions, including the risk that the offers described above will not be completed or will be completed on terms other than those described, and are based on information currently available to the County. Actual results may differ materially from those expressed in the forward-looking statements due to many factors. All forward-looking statements are expressly qualified by such cautionary statements, and the County undertakes no obligation to update such forward-looking statements.
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