By Sheri Kasprzak
New York, June 24 - The Bay Area Toll Authority sold $1.5 billion in series 2010 subordinate toll bridge revenue bonds on Thursday, according to a term sheet.
The bonds (A1/A+/) were sold on a negotiated basis with Bank of America Merrill Lynch and Citigroup Global Markets Inc. as the lead managers.
The bonds are due 2030, 2040 and 2050. The 2030 bonds have a 6.793% coupon, the 2040 bonds have a 6.918% coupon and the 2050 bonds have a 7.043% coupon, all priced at par.
Proceeds will be used to fund the construction of a new east span of the San Francisco-Oakland Bay Bridge.
The San Francisco-based authority operates the Bay Area's toll bridges and roads.
| Issuer: | Bay Area Toll Authority
|
| Issue: | Series 2010 subordinate toll bridge revenue bonds
|
| Amount: | $1.5 billion
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch, Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Pricing date: | June 24
|
| Settlement date: | July 1
|
|
|
| Maturity | Type | Coupon | Price
|
| 2030 | Term | 6.793% | 100
|
| 2040 | Term | 6.918% | 100
|
| 2050 | Term | 7.043% | 100
|
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