Published on 1/15/2016 in the Prospect News Municipals Daily.
New Issue: New Jersey Turnpike Authority prices $150.93 million of revenue bonds
By Sheri Kasprzak
New York, Jan. 15 – The New Jersey Turnpike Authority offered $150,925,000 of series 2016A turnpike revenue bonds, according to a pricing sheet. The offering was slightly upsized from $149,225,000.
The bonds (A3/A+/A) were sold through senior manager Goldman, Sachs & Co.
The bonds are due 2031 to 2035 with 3.125% to 5% coupons and 2.76% to 3.25% yields.
Proceeds will be used to advance refund and defease all of the authority’s series 2004B revenue bonds.
| Issuer: | New Jersey Turnpike Authority
|
| Issue: | Series 2016A turnpike revenue bonds
|
| Amount: | $150,925,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), PNC Capital Markets LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A+
|
| Fitch: A
|
| Pricing date: | Jan. 14
|
| Settlement date: | Feb. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $27,315,000 | 2031 | Serial | 5% | 119.31 | 2.76%
|
| $28.68 million | 2032 | Serial | 5% | 118.642 | 2.83%
|
| $30,115,000 | 2033 | Serial | 5% | 118.167 | 2.88%
|
| $31,615,000 | 2034 | Serial | 5% | 117.79 | 2.92%
|
| $10 million | 2035 | Serial | 3.125% | 98.242 | 3.25%
|
| $23.2 million | 2035 | Serial | 5% | 117.413 | 2.96%
|
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