Published on 1/21/2015 in the Prospect News Municipals Daily.
New Issue: Alabama Federal Aid Highway offers up $524.25 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 21 – The Alabama Federal Aid Highway Finance Authority sold $524,245,000 of series 2015 special obligation revenue bonds, according to a pricing sheet. The deal was upsized from $508,475,000.
The bonds (Aa1/AAA/) were sold through Morgan Stanley & Co. LLC and Joe Jolly & Co.
The bonds are due 2016 to 2034 with 3% to 5% coupons.
Proceeds will be used to finance road, bridge and highway improvements.
| Issuer: | Alabama Federal Aid Highway Finance Authority
|
| Issue: | Series 2015 special obligation revenue bonds
|
| Amount: | $524,245,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Joe Jolly & Co. (lead), Harbor Financial Services LLC, Thornton Farish Inc. and Securities Capital Corp. (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AAA
|
| Pricing date: | Jan. 21
|
| Settlement date: | Feb. 12
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,705,000 | 2016 | Serial | 3% | 104.131
|
| $4.8 million | 2017 | Serial | 5% | 111.075
|
| $5.04 million | 2018 | Serial | 5% | 114.606
|
| $5.29 million | 2019 | Serial | 5% | 117.71
|
| $5,555,000 | 2020 | Serial | 5% | 120.293
|
| $5,835,000 | 2021 | Serial | 5% | 122.254
|
| $6,125,000 | 2022 | Serial | 5% | 123.856
|
| $6.43 million | 2023 | Serial | 5% | 125.17
|
| $6,755,000 | 2024 | Serial | 5% | 126.265
|
| $7.09 million | 2025 | Serial | 5% | 125.178
|
| $7,445,000 | 2026 | Serial | 5% | 124.199
|
| $49.05 million | 2027 | Serial | 5% | 122.651
|
| $31.05 million | 2028 | Serial | 3% | 122.076
|
| $20 million | 2028 | Serial | 5% | 100.246
|
| $54.08 million | 2029 | Serial | 3.1% | 100.575
|
| $55.7 million | 2030 | Serial | 5% | 121.126
|
| $20 million | 2031 | Serial | 4% | 109.556
|
| $38,485,000 | 2031 | Serial | 5% | 120.654
|
| $61,125,000 | 2032 | Serial | 4% | 109.119
|
| $63.57 million | 2033 | Serial | 4% | 108.684
|
| $66,115,000 | 2034 | Serial | 4% | 108.337
|
|
|
|
|
© 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.
