Published on 5/21/2014 in the Prospect News Municipals Daily.
New Issue: Missouri Highways and Transportation prices $900.99 million road bonds
By Sheri Kasprzak
New York, May 21 - The Missouri Highways and Transportation Commission sold $900.99 million of series 2014 refunding state road bonds, according to a pricing sheet.
The deal included $589,015,000 of series 2014A first-lien bonds (Aaa/AAA/AAA) and $311,975,000 of series 2014B second-lien bonds (Aa1/AAA/AA+).
The 2014A bonds are due 2017 to 2026 with 3% to 5% coupons. The 2014B bonds are due 2018 to 2025 with 3% to 5% coupons.
BofA Merrill Lynch was the senior manager for the deal.
Proceeds will be used to refund the commission's series 2006 bonds.
| Issuer: | Missouri Highways and Transportation Commission
|
| Issue: | Series 2014 refunding state road bonds
|
| Amount: | $900.99 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Jefferies & Co., Wells Fargo Securities LLC, Barclays, Edward D. Jones & Co. LP, George K. Baum & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co. LLC, Stern Brothers & Co., Stifel, Nicolaus & Co. and Valdes & Moreno Inc. (co-managers)
|
| Pricing date: | May 21
|
| Settlement date: | June 3
|
|
|
| $589,015,000 series 2014A first-lien bonds (Aaa/AAA/AAA)
|
| Amount | Maturity | Type | Coupon | Price
|
| $12.35 million | 2017 | Serial | 3% | 106.975
|
| $6.46 million | 2017 | Serial | 5% | 112.74
|
| $2 million | 2018 | Serial | 4% | 111.804
|
| $17,955,000 | 2018 | Serial | 5% | 115.637
|
| $2.5 million | 2019 | Serial | 2% | 103.658
|
| $18,485,000 | 2019 | Serial | 5% | 117.912
|
| $1 million | 2020 | Serial | 3% | 108.453
|
| $20.86 million | 2020 | Serial | 5% | 119.726
|
| $1 million | 2021 | Serial | 4% | 114.445
|
| $48,465,000 | 2021 | Serial | 5% | 120.923
|
| $1 million | 2022 | Serial | 3% | 107.358
|
| $71,285,000 | 2022 | Serial | 5% | 121.93
|
| $2.5 million | 2023 | Serial | 4% | 114.666
|
| $84,295,000 | 2023 | Serial | 5% | 122.725
|
| $2.5 million | 2024 | Serial | 4% | 114.988
|
| $92,315,000 | 2024 | Serial | 5% | 123.805
|
| $99,535,000 | 2025 | Serial | 5% | 122.711
|
| $46.09 million | 2026 | Serial | 5% | 121.726
|
| $58.42 million | 2026 | Serial | 5% | 124.446
|
|
|
| $311,975,000 series 2014B second-lien bonds (Aa1/AAA/AA+)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2018 | Serial | 3% | 107.891
|
| $60.7 million | 2018 | Serial | 5% | 115.554
|
| $1 million | 2019 | Serial | 4% | 113.007
|
| $63,755,000 | 2019 | Serial | 5% | 117.755
|
| $2.5 million | 2020 | Serial | 4% | 113.847
|
| $65.85 million | 2020 | Serial | 5% | 119.476
|
| $1 million | 2021 | Serial | 3% | 107.696
|
| $49,545,000 | 2021 | Serial | 5% | 120.634
|
| $36.82 million | 2022 | Serial | 5% | 121.685
|
| $22.43 million | 2023 | Serial | 5% | 122.452
|
| $4,245,000 | 2024 | Serial | 5% | 123.505
|
| $3.13 million | 2025 | Serial | 3% | 104.453
|
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