Published on 10/22/2015 in the Prospect News Municipals Daily.
New Issue: New Jersey Turnpike Authority offers up $750 million of revenue bonds
By Sheri Kasprzak
New York, Oct. 22 – The New Jersey Turnpike Authority sold $750 million of series 2015E turnpike revenue bonds, according to a pricing sheet.
The bonds (A3/A+/A) were sold through Citigroup Global Markets Inc.
The bonds are due 2031 to 2034 with a term bond due in 2045. The serial coupons range from 3.375% to 5% and yields range from 3.19% to 3.61%. The 2045 bonds have a 4% coupon priced at 99.824 to yield 4.01% and a 5% coupon priced at 110.015 to yield 3.7%.
Proceeds will be used to finance capital improvement projects.
| Issuer: | New Jersey Turnpike Authority
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| Issue: | Series 2015E turnpike revenue bonds
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| Amount: | $750 million
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| Type: | Negotiated
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| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC, Rice Financial Products Co., Stifel, Nicolaus & Co. Inc. and The Williams Capital Group LP (co-managers)
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| Ratings: | Moody’s: A3
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| Standard & Poor’s: A+
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| Fitch: A
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| Pricing date: | Oct. 22
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| Settlement date: | Nov. 4
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| Maturity | Type | Coupon | Price | Yield
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| 2031 | Serial | 3.375% | 98.536 | 3.50%
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| 2031 | Serial | 5% | 114.272 | 3.19%
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| 2032 | Serial | 5% | 113.253 | 3.31%
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| 2033 | Serial | 3.5% | 98.598 | 3.61%
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| 2033 | Serial | 5% | 112.832 | 3.36%
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| 2034 | Serial | 5% | 112.412 | 3.41%
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| 2045 | Term | 4% | 99.824 | 4.01%
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| 2045 | Term | 5% | 110.015 | 3.70%
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