FEBRUARY 23, 2005
Airport Authority Completes Bond Refinancing

Lehigh Valley, Pa. - The Lehigh-Northampton Airport Authority has completed issuance of $24,085,000 in Airport Revenue Refunding Bonds. The bonds received Ratings of “Aaa” by Moody’s Investors Services, Inc., “AAA” by Standard and Poor’s Rating Services and ‘AAA’ by Fitch Inc. The bonds are insured by MBIA Insurance Corporation.

The issue refunds the Authority’s outstanding Airport Revenue Bonds, Series 1993 A and B which had an interest rate of 5.75 percent. The new 2005 Airport Revenue Refunding Bonds Series A and B have an average interest rate of 4.7 percent, generating gross savings of $1.487 Million.

Bear Stearns & Co. Inc. and RBC Dain Rauscher served as the Underwriters of the bond issue. Wachovia Bank, N.A. is the Trustee. The Airport Authority’s Financial Advisor is Valco Capital, Ltd.

Lehigh Valley International Airport is located near Allentown, Pennsylvania and serves a twelve county area with a population of 3.6 million people. The Airport is easily accessible from communities in eastern Pennsylvania northern New Jersey areas.