Published on 11/17/2014 in the Prospect News Municipals Daily.
New Issue: Illinois Toll Highway Authority prices $400 million of revenue bonds
By Sheri Kasprzak
New York, Nov. 17 – The Illinois State Toll Highway Authority priced $400 million of series 2014C toll highway senior revenue bonds, according to a pricing sheet.
The bonds (/AA-/AA-) were sold through lead managers Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.
The bonds are due 2027 to 2039 with 5% coupons and yields from 2.82% to 3.53%.
Proceeds will be used to pay a portion of improvement costs for the tollway system.
| Issuer: | Illinois State Toll Highway Authority
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| Issue: | Series 2014C toll highway senior revenue bonds
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| Amount: | $400 million
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| Type: | Negotiated
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| Underwriters | Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (lead), Loop Capital Markets LLC, William Blair & Co., Cabrera Capital Markets LLC, Mesirow Financial Inc., PNC Capital Markets LLC, Raymond James & Associates Inc., The Williams Capital Group LP and U.S. Bancorp Investments Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: AA-
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| Fitch: AA-
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| Pricing date: | Oct. 31
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| Settlement date: | Dec. 4
|
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8.3 million | 2027 | Serial | 5% | 119.001 | 2.82%
|
| $8.7 million | 2028 | Serial | 5% | 117.752 | 2.95%
|
| $9.2 million | 2029 | Serial | 5% | 116.897 | 3.04%
|
| $9.6 million | 2030 | Serial | 5% | 116.237 | 3.11%
|
| $10.1 million | 2031 | Serial | 5% | 115.675 | 3.17%
|
| $10.6 million | 2032 | Serial | 5% | 115.116 | 3.23%
|
| $11.1 million | 2033 | Serial | 5% | 114.652 | 3.28%
|
| $11.7 million | 2034 | Serial | 5% | 114.191 | 3.33%
|
| $12.3 million | 2035 | Serial | 5% | 113.732 | 3.38%
|
| $75.6 million | 2036 | Serial | 5% | 113.276 | 3.43%
|
| $79.4 million | 2037 | Serial | 5% | 112.821 | 3.48%
|
| $83.4 million | 2038 | Serial | 5% | 112.55 | 3.51%
|
| $70 million | 2039 | Serial | 5% | 112.369 | 3.53%
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