Published on 4/23/2014 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Turnpike Commission sells $300.6 million of revenue bonds
By Sheri Kasprzak
New York, April 23 - The Pennsylvania Turnpike Commission sold $300.6 million of series 2014A revenue bonds, according to a pricing sheet. The deal was upsized from $209.8 million.
The offering included $108.05 million of series 2014A-1 turnpike revenue bonds (//A-), $42,155,000 of series 2014A-2 capital appreciation bonds, $65,455,000 of series 2014A-3 capital appreciation bonds and $84.94 million of series 2014A convertible capital appreciation bonds.
The 2014A-1 bonds are due 2014 to 2034 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5% with 0.36% to 4.22% yields. The 2038 bonds have a 5% coupon priced at 105.813 to yield 4.31%, and the 2044 bonds have a 5% coupon priced at 105.031 to yield 4.4%.
The 2014A-2 bonds are due 2039 to 2040 with 0% coupons and yields from 5.14% to 5.16%.
The 2014A-3 bonds are due 2040 to 2042 with 0% coupons and yields from 5.25% to 5.44%.
The 2014A convertible capital appreciation are due 2034, 2037 and 2044. All the bonds have a 0% coupon. The 2034 bonds have a 4.56% yield, the 2037 bonds have a 4.62% and a 4.77% yield, and the 2044 bonds have a 4.95% yield.
Morgan Stanley & Co. LLC was the senior manager.
Proceeds will be used to finance turnpike capital projects.
| Issuer: | Pennsylvania Turnpike Commission
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $300.6 million
|
| Type: | Negotiated
|
| Underwriter: | Morgan Stanley & Co. LLC
|
| Pricing date: | April 23
|
| Settlement date: | April 29
|
|
|
| $108.05 million series 2014A-1 turnpike revenue bonds (//A-)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $330,000 | 2014 | Serial | 2% | 100.963 | 0.36%
|
| $185,000 | 2015 | Serial | 3% | 104.016 | 0.46%
|
| $585,000 | 2016 | Serial | 3% | 105.784 | 0.74%
|
| $1,025,000 | 2017 | Serial | 4% | 110.176 | 1.1%
|
| $1,515,000 | 2018 | Serial | 4% | 111.139 | 1.48%
|
| $2.06 million | 2019 | Serial | 5% | 116.535 | 1.87%
|
| $2.68 million | 2020 | Serial | 5% | 116.684 | 2.26%
|
| $3,375,000 | 2021 | Serial | 5% | 116.355 | 2.61%
|
| $650,000 | 2023 | Serial | 5% | 116.375 | 3.02%
|
| $305,000 | 2024 | Serial | 5% | 116.153 | 3.19%
|
| $4.03 million | 2029 | Serial | 5% | 110.469 | 3.79%
|
| $4.26 million | 2030 | Serial | 5% | 109.737 | 3.87%
|
| $4,485,000 | 2031 | Serial | 5% | 109.011 | 3.95%
|
| $4.62 million | 2032 | Serial | 5% | 108.2 | 4.04%
|
| $4,745,000 | 2033 | Serial | 5% | 107.575 | 4.11%
|
| $4,895,000 | 2034 | Serial | 4.125% | 98.698 | 4.22%
|
| $29,505,000 | 2038 | Term | 5% | 105.813 | 4.31%
|
| $38.8 million | 2043 | Term | 5% | 105.031 | 4.4%
|
|
|
| $42,155,000 series 2014A-2 capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $24,825,000 | 2039 | Serial | 0% | 59.833 | 5.14%
|
| $17.33 million | 2040 | Serial | 0% | 59.58 | 5.16%
|
|
|
| $65,455,000 series 2014A-3 capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11,365,000 | 2040 | Serial | 0% | 25.21 | 5.25%
|
| $32.41 million | 2041 | Serial | 0% | 22.868 | 5.42%
|
| $21.68 million | 2042 | Serial | 0% | 21.557 | 5.44%
|
|
|
| $84.94 million series 2014A convertible capital appreciation bonds (//AA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $24.01 million | 2034 | Term | 0% | 70.608 | 4.56%
|
| $10 million | 2037 | Term | 0% | 70.548 | 4.62%
|
| $33.42 million | 2037 | Term | 0% | 69.77 | 4.77%
|
| $17.51 million | 2044 | Term | 0% | 68.528 | 4.95%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
