Published on 3/20/2013 in the Prospect News Municipals Daily.
New Issue: New Jersey Turnpike Authority sells $1.4 billion of toll revenue bonds
By Sheri Kasprzak
New York, March 20 - The New Jersey Turnpike Authority sold $1.4 billion of series 2013 turnpike toll revenue bonds, according to a pricing sheet.
The bonds (A3/A+/A) were sold through senior manager J.P. Morgan Securities LLC.
The bonds are due 2016 to 2033 with term bonds due in 2038 and 2043. The serial coupons range from 3% to 5%. The 2038 bonds have a 5% coupon priced at 109.354. The 2043 bonds have a split maturity with a 4% coupon priced at par, a 4% coupon priced at 98.285 and a 5% coupon priced at 108.703.
Proceeds will be used to finance capital projects.
| Issuer: | New Jersey Turnpike Authority
|
| Issue: | Series 2013 turnpike toll revenue bonds
|
| Amount: | $1.4 billion
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | March 20
|
| Settlement date: | April 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,725,000 | 2016 | Serial | 3% | 106.318
|
| $4.87 million | 2017 | Serial | 5% | 115.17
|
| $5.11 million | 2018 | Serial | 5% | 117.715
|
| $1.34 million | 2019 | Serial | 3% | 108.221
|
| $4,025,000 | 2019 | Serial | 5% | 119.183
|
| $295,000 | 2020 | Serial | 4% | 114.178
|
| $5,315,000 | 2020 | Serial | 5% | 120.509
|
| $5,885,000 | 2021 | Serial | 5% | 121.095
|
| $340,000 | 2022 | Serial | 3% | 105.269
|
| $5.84 million | 2022 | Serial | 5% | 121.003
|
| $895,000 | 2023 | Serial | 4% | 112.251
|
| $37,585,000 | 2023 | Serial | 5% | 120.82
|
| $3,745,000 | 2024 | Serial | 3% | 100.399
|
| $36.65 million | 2024 | Serial | 5% | 117.889
|
| $5.52 million | 2025 | Serial | 3.125% | 99.461
|
| $36.82 million | 2025 | Serial | 5% | 116.208
|
| $29.14 million | 2026 | Serial | 3.25% | 99.068
|
| $9,615,000 | 2026 | Serial | 3.375% | 99.739
|
| $5.6 million | 2026 | Serial | 5% | 114.988
|
| $46,415,000 | 2027 | Serial | 5% | 114.125
|
| $48.74 million | 2028 | Serial | 5% | 113.356
|
| $51,175,000 | 2029 | Serial | 5% | 112.592
|
| $53,735,000 | 2030 | Serial | 5% | 111.919
|
| $56.42 million | 2031 | Serial | 5% | 111.5
|
| $59.24 million | 2032 | Serial | 5% | 111.25
|
| $5.93 million | 2033 | Serial | 4% | 101.23
|
| $56,275,000 | 2033 | Serial | 5% | 111.167
|
| $360.57 million | 2038 | Term | 5% | 109.354
|
| $25 million | 2043 | Term | 4% | 100
|
| $75 million | 2043 | Term | 4% | 98.285
|
| $358,185,000 | 2043 | Term | 5% | 108.703
|
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