North Carolina Turnpike Authority to sell $273.88 million in bonds

By Sheri Kasprzak

New York, July 1 - The North Carolina Turnpike Authority plans to bring to market $273.882 million in series 2009 Triangle Expressway System senior lien revenue bonds, according to a preliminary official statement.

Pricing is expected for the week of July 13, confirmed a sellside source who saw the offering.

The bonds (Aa2/AAA/AA) will be sold on a negotiated basis with Merrill Lynch & Co. Inc. and Banc of America Securities LLC as the senior managers. The co-managers are BB&T Capital Markets Inc., Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Loop Capital Markets LLC, RBC Capital Markets Corp., Siebert Brandford Shank & Co. LLC, Wachovia Securities Inc. and Southwest Securities Inc.

The sale includes $191.58 million series 2009A bonds and $82.302 million in series 2009B bonds.

The 2009A bonds are due 2019 to 2024 with term bonds due 2029 and 2039. The maturities for the 2009B bonds have not yet been set.

Proceeds will be used to fund engineering costs, to develop rights-of-way and roadways in the Triangle Expressway System and to pay for maintenance costs.

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