By Sheri Kasprzak
New York, Aug. 23 - The Alabama Federal Aid Highway Finance Authority priced Tuesday $90.175 million of series 2011 federal highway grant anticipation refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA) were sold through Morgan Stanley & Co. Inc. with First Tuskegee Capital Markets, Merchant Capital LLC and Morgan Keegan & Co. Inc. as the co-managers.
The bonds are due 2012 to 2017 with 1% to 5% coupons.
Proceeds will be used to refund the authority's series 2002 federal highway grant anticipation bonds.
| Issuer: | Alabama Federal Aid Highway Finance Authority
|
| Issue: | Series 2011 federal highway grant anticipation refunding bonds
|
| Amount: | $90.175 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead), First Tuskegee Capital Markets, Merchant Capital LLC and Morgan Keegan & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Aug. 23
|
| Settlement date: | Sept. 7
|
|
|
| Maturity | Type | Coupon
|
| 2012 | Serial | 1%
|
| 2013 | Serial | 4%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 4%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 4%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 4%
|
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