By Sheri Kasprzak
New York, June 23 - The Florida Department of Transportation sold Thursday $150.165 million of series 2011A turnpike revenue bonds, said a pricing sheet.
The bonds (Aa3/AA-/AA-) were sold competitively with Wells Fargo Securities LLC winning the bid.
The bonds are due 2012 to 2034 with term bonds due in 2036, 2038, 2039 and 2041. The serial coupons range from 3.25% to 5%. The 2036 bonds have a 5% coupon priced at 104.379. The 2038 bonds have a 4.75% coupon priced at 98.65, and the 2039 bonds have a 4.75% coupon priced at 98.476. The 2041 bonds have a 5% coupon priced at 103.971.
Proceeds will be used to finance the acquisition and construction of turnpike projects, including lane widening of the mainline in Orange County, interchange and ramp improvements, electronic toll collection improvements and canal protection projects on the mainline, as well as to refund the department's series 2003C bonds.
| Issuer: | Florida Department of Transportation
|
| Issue: | Series 2011A turnpike revenue bonds
|
| Amount: | $150.165 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Securities LLC (winner)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | June 23
|
| Settlement date: | July 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.6 million | 2012 | Serial | 5% | 104.291
|
| $1.74 million | 2013 | Serial | 5% | 108.065
|
| $6.565 million | 2014 | Serial | 4% | 108.28
|
| $6.825 million | 2015 | Serial | 5% | 113.626
|
| $7.17 million | 2016 | Serial | 5% | 115.644
|
| $7.52 million | 2017 | Serial | 5% | 116.175
|
| $7.895 million | 2018 | Serial | 5% | 116.233
|
| $8.295 million | 2019 | Serial | 5% | 115.993
|
| $8.71 million | 2020 | Serial | 5% | 115.616
|
| $9.145 million | 2021 | Serial | 5% | 115.252
|
| $2.675 million | 2022 | Serial | 3.25% | 98.635
|
| $2.765 million | 2023 | Serial | 5% | 113.823
|
| $2.9 million | 2024 | Serial | 5.25% | 115.845
|
| $3.055 million | 2025 | Serial | 4% | 99.258
|
| $3.175 million | 2026 | Serial | 4% | 98.011
|
| $3.305 million | 2027 | Serial | 4% | 97.122
|
| $3.435 million | 2028 | Serial | 5% | 109.507
|
| $3.605 million | 2029 | Serial | 4.25% | 97.748
|
| $3.76 million | 2030 | Serial | 5% | 108.063
|
| $3.95 million | 2031 | Serial | 4.375% | 97.744
|
| $4.12 million | 2032 | Serial | 5% | 106.456
|
| $4.325 million | 2033 | Serial | 4.5% | 97.745
|
| $4.52 million | 2034 | Serial | 5% | 104.905
|
| $9.87 million | 2036 | Term | 5% | 104.379
|
| $10.885 million | 2038 | Term | 4.75% | 98.65
|
| $5.755 million | 2039 | Term | 4.75% | 98.476
|
| $12.6 million | 2041 | Term | 5% | 103.971
|
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