Published on 5/24/2012 in the Prospect News Municipals Daily.
New Issue: New Jersey Turnpike Authority sells $141.26 million revenue bonds
By Sheri Kasprzak
New York, May 24 - The New Jersey Turnpike Authority sold $141,255,000 of series 2012A turnpike revenue bonds, according to a term sheet.
The bonds (A3/A+/A) were sold through J.P. Morgan Securities LLC. The co-managers were Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC.
The bonds are due 2031 to 2033 with a term bond due in 2035. The serial coupons range from 3.625% to 5%. The 2035 bonds have a 5% coupon priced at 110.788.
Proceeds will be used to refund the authority's series 2004C-1 bonds.
| Issuer: | New Jersey Turnpike Authority
|
| Issue: | Series 2012A turnpike revenue bonds
|
| Amount: | $141,255,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | May 24
|
| Settlement date: | June 18
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5 million | 2031 | Serial | 3.625% | 96.779
|
| $20,655,000 | 2031 | Serial | 5% | 112.244
|
| $26.87 million | 2032 | Serial | 5% | 111.985
|
| $10 million | 2033 | Serial | 4% | 100
|
| $18,215,000 | 2033 | Serial | 5% | 111.556
|
| $60,515,000 | 2035 | Term | 5% | 110.788
|
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