Published on 5/14/2014 in the Prospect News Municipals Daily.
New Issue: New Jersey Turnpike Authority sells $1 billion turnpike revenue bonds
By Sheri Kasprzak
New York, May 14 - The New Jersey Turnpike Authority priced $1 billion of series 2014A turnpike revenue bonds, according to a pricing sheet.
The bonds (A3/A+/A) were sold through Goldman, Sachs & Co.
The bonds are due 2027 to 2035 with 4% to 5% coupons and 3.10% to 4.00% yields.
Proceeds will be used to make capital improvements to the turnpike system as part of the authority's 10-year program.
| Issuer: | New Jersey Turnpike Authority
|
| Issue: | Series 2014A turnpike revenue bonds
|
| Amount: | $1 billion
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Fidelity Capital Markets LLC, Stifel, Nicolaus & Co. Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A+
|
| Fitch: A
|
| Pricing date: | May 13
|
| Settlement date: | May 22
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $112 million | 2027 | Serial | 5% | 116.376 | 3.10%
|
| $111 million | 2028 | Serial | 5% | 115.064 | 3.24%
|
| $111 million | 2029 | Serial | 5% | 114.138 | 3.34%
|
| $111 million | 2030 | Serial | 5% | 113.312 | 3.43%
|
| $111 million | 2031 | Serial | 5% | 112.674 | 3.50%
|
| $111 million | 2032 | Serial | 5% | 112.131 | 3.56%
|
| $111 million | 2033 | Serial | 5% | 111.681 | 3.61%
|
| $111 million | 2034 | Serial | 5% | 111.322 | 3.65%
|
| $111 million | 2035 | Serial | 4% | 100 | 4.00%
|
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