The Miami-Dade County Budget and Finance Committee on Tuesday recommended moving forward with the sale of up to $600 million of aviation revenue bonds.
The Miami-Dade County Commission will consider the committee recommendation in an upcoming meeting.
Proceeds will be used for new construction projects at Miami International Airport and refinancing commercial paper notes.
Banc of America Securities LLC will be lead manager for the sale, which is expected to take place in June.
While the structure of the deal and maturities are not yet available, the offering is expected to include $71.5 million of capitalized interest. Another $19.5 million will be deposited into a reserve account and costs of issuance are expected to be approximately $12 million, according to documents provided to the committee.
First Southwest Co. and Frasca & Associates LLC are financial advisers on the transaction.
Greenberg Traurig PA and Edwards & Associates PA are co-bond counsel. Firms acting as disclosure counsel are Hogan & Hartson LLP, McGhee & Associates LLC and José A.Villalobos PA.
