By Cristal Cody
Tupelo, Miss., Dec. 8 - The New Jersey Turnpike Authority sold an upsized $1.8 billion of 7.102% series 2010A turnpike revenue Build America Bonds (A3/A+/A/) on Wednesday at par, a source said.
The bonds due 2041 priced at a spread of 262 bps over Treasuries, lower than price talk of 287 bps, the source said. The deal was upsized from $1.5 billion.
The bonds were sold on a negotiated basis with Goldman Sachs & Co. and Citigroup Global Markets Inc. as the senior managers.
The co-managers are Bank of America Merrill Lynch, Barclays Capital Inc., Loop Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Corp. and Wells Fargo Securities LLC.
Proceeds will be used to pay for construction projects that are part of the authority's 10-year capital improvement plan.
The authority, based in East Brunswick Township, N.J., operates the New Jersey Turnpike.
| Issuer: | New Jersey Turnpike Authority
|
| Amount: | $1.8 billion
|
| Maturity: | 2041
|
| Securities: | Turnpike revenue Build America Bonds
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc.
|
| Co-managers: | Bank of America Merrill Lynch, Barclays Capital Inc., Loop Capital Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Corp., Wells Fargo Securities LLC
|
| Coupon: | 7.102%
|
| Price: | Par
|
| Yield: | 7.102%
|
| Spread: | 262 bps over Treasuries
|
| Pricing date: | Dec. 8
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Price talk: | 287 bps over Treasuries
|
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