By Cristal Cody
Springdale, Ark., Feb. 7 - The New York State Thruway Authority priced nearly $239.14 million bonds Thursday, including $200 million that were taken by retail orders a day earlier, the issuer said.
The authority sold $239.14 million series 2008 local highway and bridge service contract bonds (-/AA-/A+) with a maturity structure from April 1, 2008, through 2017.
The maturity in 2011 was trifurcated with 3%, 4% and 5% coupons to attract buyers, said Michael Sikule, director of investments and assets management for the authority.
The coupons ranged from 3% to 5% with yields from 1.75% to 3.5%, he said. The bonds priced with a true interest cost of 2.942%, he said.
Morgan Stanley is the lead manager of the negotiated deal, with nine additional underwriters as co-managers.
Proceeds will be used to refund maturities from outstanding highway and bridge service contract bonds.
The authority also plans to price up to $700 million dedicated highway and bridge trust fund bonds with 20-year serials the first week of March, Sikule said. The pricing will include about $370 million of refunding bonds. The bonds will be offered to individual investors a day before the institutional pricing.
| Issuer: | New York State Thruway Authority
|
| Issue: | Local highway and bridge service contract bonds
|
| Type: | Negotiated
|
| Amount: | $239.14 million
|
| Maturities: | 2008 through 2017
|
| True interest cost: | 2.942%
|
| Coupons: | 3% to 5%
|
| Yields: | 1.75% to 3.5%
|
| Underwriter: | Morgan Stanley
|
| Ratings: | S&P: AA-
|
| Fitch: A+
|
| Pricing date: | Feb. 7
|
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