Published on 3/4/2015 in the Prospect News Municipals Daily.
New Issue: Maine Turnpike brings to market $144.88 million revenue refunding bonds
By Sheri Kasprzak
New York, March 4 – The Maine Turnpike Authority sold $144,875,000 of series 2015 turnpike revenue refunding bonds, according to a pricing sheet. The deal was upsized from $130 million.
The bonds (Aa3/AA-/AA-) were sold through BofA Merrill Lynch and RBC Capital Markets LLC.
The bonds are due 2020 to 2038 with 2.9% to 5% coupons and 1.48% to 3.34% yields.
Proceeds will be used to refund the authority’s series 2005, 2007 and 2009 turnpike revenue bonds.
| Issuer: | Maine Turnpike Authority
|
| Issue: | Series 2015 turnpike revenue refunding bonds
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| Amount: | $144,875,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch and RBC Capital Markets LLC (lead), J.P. Morgan Securities LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa3
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| Standard & Poor’s: AA-
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| Fitch: AA-
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| Pricing date: | March 4
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| Settlement date: | April 2
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.72 million | 2020 | Serial | 5% | 117.706 | 1.48%
|
| $7,395,000 | 2021 | Serial | 5% | 119.871 | 1.64%
|
| $7.96 million | 2022 | Serial | 5% | 121.194 | 1.86%
|
| $8,365,000 | 2023 | Serial | 5% | 122.276 | 2.05%
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| $8,785,000 | 2024 | Serial | 5% | 122.933 | 2.24%
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| $11.08 million | 2025 | Serial | 5% | 123.799 | 2.37%
|
| $11.64 million | 2026 | Serial | 5% | 122.472 | 2.50%
|
| $5 million | 2027 | Serial | 2.9% | 100 | 2.90%
|
| $7.22 million | 2027 | Serial | 5% | 121.163 | 2.63%
|
| $12.72 million | 2028 | Serial | 3.1% | 100 | 3.10%
|
| $13.12 million | 2029 | Serial | 3.2% | 100 | 3.20%
|
| $13,385,000 | 2030 | Serial | 3.3% | 100 | 3.30%
|
| $4,265,000 | 2031 | Serial | 3.25% | 98.875 | 3.34%
|
| $4.4 million | 2032 | Serial | 5% | 117.623 | 2.99%
|
| $4.62 million | 2033 | Serial | 5% | 117.237 | 3.03%
|
| $4,855,000 | 2034 | Serial | 5% | 116.853 | 3.07%
|
| $5.1 million | 2035 | Serial | 5% | 116.471 | 3.11%
|
| $5.35 million | 2036 | Serial | 5% | 116.28 | 3.13%
|
| $5.62 million | 2037 | Serial | 5% | 115.994 | 3.16%
|
| $2,275,000 | 2038 | Serial | 5% | 115.805 | 3.18%
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