Published on 4/18/2012 in the Prospect News Municipals Daily.
New Issue: New York State Bridge Authority releases details on $90.33 million sale of revenue bonds
By Sheri Kasprzak
New York, April 18 - The New York State Bridge Authority revealed the details on its $90,325,000 sale of series 2012 general revenue bonds, said a pricing sheet.
The bonds (Aa3/AA-/) were sold competitively with J.P. Morgan Securities LLC winning the bid with a 2.71% true interest cost.
The bonds are due 2014 to 2027 with 2% to 5% coupons.
Proceeds will be used to finance several highway improvements, including the reconstruction of the Route 9/44/55 Interchange at the terminus of the Mid-Hudson Bridge, the reconstruction and improvement of the Interstate 84/Route 9D Interchange in Duchess County Intermodal Facility, the reconstruction of Route 9W and a portion of the replacement cost for the Tappan Zee Bridge.
| Issuer: | New York State Bridge Authority
|
| Issue: | Series 2012 general revenue bonds
|
| Amount: | $90,325,000
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| TIC: | 2.71%
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Pricing date: | April 17
|
| Settlement date: | April 26
|
|
|
| Amount Maturity | Type | Coupon Price
|
| $145,000 | 2014 | Serial | 2% | 102.659
|
| $145,000 | 2015 | Serial | 3% | 106.509
|
| $155,000 | 2016 | Serial | 3% | 108.152
|
| $160,000 | 2017 | Serial | 3% | 109.41
|
| $7.45 million | 2018 | Serial | 4% | 114.678
|
| $7,745,000 | 2019 | Serial | 4% | 115.283
|
| $8,055,000 | 2020 | Serial | 4% | 115.248
|
| $8.38 million | 2021 | Serial | 4% | 115.174
|
| $8.71 million | 2022 | Serial | 4% | 114.769
|
| $9.06 million | 2023 | Serial | 4% | 114.182
|
| $9,425,000 | 2024 | Serial | 4% | 113.482
|
| $9.8 million | 2025 | Serial | 5% | 125.042
|
| $10.29 million | 2026 | Serial | 5% | 124.856
|
| $10,805,000 | 2027 | Serial | 4% | 110.049
|
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