By Sheri Kasprzak
New York, Oct. 28 - The Bay Area Toll Authority of California sold $885 million in series 2010S bridge toll revenue bonds on Thursday, according to a pricing sheet. The offering was upsized from $800 million.
The deal included $410 million in series 2010S-2 tax-exempt bonds and $475 million in series 2010S-3 Build America Bonds.
The 2010S-2 bonds are due 2019 to 2034 with term bonds due 2042 and 2050. The serial coupons range from 3.25% to 5%. The 2042 bonds have a 5% coupon priced at 102.35. The 2050 bonds have a 5% coupon priced at 100.383.
The 2010S-3 bonds are due Oct. 1, 2050 and have a 6.907% coupon priced at par.
The bonds (A1/A+/) were sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager for the 2010S-2 bonds and Bank of America Merrill Lynch as the lead manager for the 2010S-3 bonds.
Proceeds will be used to fund capital improvements, including the replacement of portions of the San Francisco-Oakland Bay Bridge.
| Issuer: | Bay Area Toll Authority
|
| Issue: | Series 2010S bridge toll revenue bonds
|
| Amount: | $885 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2010S-2); Bank of America Merrill Lynch (lead for 2010S-3)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 4
|
|
|
| $410 million series 2010S-2 tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $300,000 | 2019 | Serial | 3.25% | 102.018
|
| $1.065 million | 2020 | Serial | 4% | 106.482
|
| $1.885 million | 2021 | Serial | 3.5% | 100.247
|
| $2.745 million | 2022 | Serial | 5% | 111.312
|
| $755,000 | 2023 | Serial | 3.75% | 99.794
|
| $2.915 million | 2023 | Serial | 5% | 110.088
|
| $4.64 million | 2024 | Serial | 5% | 108.965
|
| $1 million | 2025 | Serial | 4% | 100.159
|
| $4.675 million | 2025 | Serial | 5% | 108.281
|
| $6.77 million | 2026 | Serial | 5% | 107.602
|
| $7.935 million | 2027 | Serial | 5% | 106.928
|
| $9.17 million | 2028 | Serial | 5% | 106.259
|
| $10.48 million | 2029 | Serial | 5% | 105.595
|
| $10.69 million | 2030 | Serial | 5% | 104.936
|
| $860,000 | 2031 | Serial | 5% | 104.364
|
| $1.735 million | 2032 | Serial | 5% | 103.876
|
| $3.105 million | 2033 | Serial | 5% | 103.472
|
| $4.275 million | 2034 | Serial | 5% | 103.15
|
| $250 million | 2042 | Term | 5% | 102.35
|
| $85 million | 2050 | Term | 5% | 100.383
|
|
|
| $475 million series 2010S-3 Build America Bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $475 million | Oct. 1, 2050 | Term | 6.907% | 100
|
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