New Issue: Kentucky Public Transportation offers up $816.72 million of bonds, BANs

By Sheri Kasprzak

New York, Dec. 12 - The Kentucky Public Transportation Infrastructure Authority sold $816,715,000 of series 2013 first-tier toll revenue bonds and bond anticipation notes, according to pricing sheets.

The deal included $174,855,000 of series 2013A current interest first-tier downtown crossing bonds, $52,185,000 of series 2013B capital appreciation bonds, $137,475,000 of series 2013C convertible capital appreciation bonds, $426,045,000 of series 2013A bond anticipation notes and $26,155,000 of series 2013B taxable subordinate bond anticipation notes.

The 2013A current interest bonds are due 2049 and 2053. The 2049 bonds have a 5.75% coupon priced at 97.054 to yield 5.95% and the 2053 bonds have a 6% coupon priced at 98.144 to yield 6.125%.

The 2013B capital appreciation bonds are due 2019 to 2023 and 2025 to 2032 with 0% coupons and yields from 3.75% to 6.65%.

The 2013C bonds are due 2033 to 2034 with term bonds due in 2039, 2043 and 2046. The bonds have 0% coupons. The 2039 bonds have a 6.6% yield, the 2043 bonds have a 6.75% yield and the 2046 bonds have a 6.875% yield, all with 0% coupons.

The 2013A BANs are due July 1, 2017 and have a 3% coupon priced at 102.96 to yield 2.125% and a 5% coupon priced at 109.728 to yield 2.125%.

The 2013B BANs are due July 1, 2017 and have a 3.22% coupon priced at par.

The bonds and notes were sold through Citigroup Global Markets Inc.

Proceeds will be used to finance the construction, improvement and renovation of the Downtown Crossing project, which includes the junction of interstates 64, 65 and 71 in downtown Louisville, as well as the repair and renovation of bridges.

Issuer:	Kentucky Public Transportation Infrastructure Authority
Issue:	Series 2013 first-tier toll revenue bonds and bond anticipation notes
Amount:	$816,715,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. (lead), Goldman, Sachs & Co., J.P. Morgan Securities LLC; J.J.B. Hilliard, W.L. Lyons LLC, Raymond James/Morgan Keegan, PNC Capital Markets LLC, First Kentucky Securities Corp., Edward D. Jones & Co. LP, Fifth Third Securities Inc. and Sterne, Agee & Leach Inc. (co-managers)
Pricing date:	Dec. 12
Settlement date:	Dec. 20
$174,855,000 series 2013A current interest first tier downtown crossing bonds
Amount	Maturity	Type	Coupon	Price	Yield
$76,975,000	2049	Term	5.75%	97.054	5.95%
$97.89 million	2053	Term	6%	98.144	6.125%
$52,185,000 series 2013B capital appreciation bonds
Amount	Maturity	Type	Coupon	Price	Yield
$555,000	2019	Serial	0%	81.426	3.75%
$3,955,000	2020	Serial	0%	75.984	4.25%
$5.91 million	2021	Serial	0%	71	4.60%
$7,305,000	2022	Serial	0%	65.62	5.00%
$8.18 million	2023	Serial	0%	61.593	5.15%
$1.02 million	2025	Serial	0%	52.306	5.70%
$2,235,000	2026	Serial	0%	48.258	5.90%
$3,365,000	2027	Serial	0%	44.351	6.10%
$3.93 million	2028	Serial	0%	40.891	6.25%
$3,935,000	2029	Serial	0%	37.733	6.375%
$3.93 million	2030	Serial	0%	34.735	6.50%
$3.93 million	2031	Serial	0%	32.035	6.60%
$3,935,000	2032	Serial	0%	29.753	6.65%
$137,475,000 series 2013C convertible capital appreciation bonds
Amount	Maturity	Type	Coupon	Price	Yield
$5,775,000	2033	Serial	0%	54.859	6.40%
$6,255,000	2034	Serial	0%	54.606	6.45%
$42,005,000	2039	Term	0%	53.855	6.60%
$51.29 million	2043	Term	0%	53.115	6.75%
$32.15 million	2046	Term	0%	52.507	6.875%
$426,045,000 series 2013A bond anticipation notes
Amount	Maturity	Type	Coupon	Price	Yield
$4.7 million	July 1, 2017	Term	3%	102.96	2.125%
$421,345,000	July 1, 2017	Term	5%	109.728	2.125%
$26,155,000 series 2013B taxable subordinate bond anticipation notes
Maturity	Type	Coupon	Price
July 1, 2017	Term	3.22%	100

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