New Issue: Pennsylvania Turnpike brings $59.88 million of revenue refunding bonds

By Sheri Kasprzak

New York, Sept. 17 - The Pennsylvania Turnpike Commission sold $59.88 million of series 2013 oil franchise tax revenue refunding bonds, according to a pricing sheet.

The bonds (A2) were sold through Loop Capital Markets LLC.

The deal included $27.83 million of series 2013A bonds and $32.05 million of series 2013B bonds.

The 2013A bonds are due 2020 to 2021 with term bonds due in 2014 and 2024. The serial bonds have 5% coupons. The 2014 bonds have a 2.5% coupon and were not reoffered. The 2024 bonds have a 5% coupon priced at 112.643.

The 2013B bonds are due 2014 to 2017 and 2024 to 2025 with 2% to 5% coupons.

Proceeds will be used to refund certain maturities of the commission's series 2003 debt for present value savings.

Issuer:	Pennsylvania Turnpike Commission
Issue:	Series 2013 oil franchise tax revenue refunding bonds
Amount:	$59.88 million
Type:	Negotiated
Underwriter:	Loop Capital Markets LLC (lead)
Rating:	Moody's: A2
Pricing date:	Sept. 17
Settlement date:	Oct. 1
$27.83 million series 2013A revenue refunding bonds
Amount	Maturity	Type	Coupon	Price
$4,695,000	2014	Term	2.5%	NRO
$6.45 million	2020	Serial	5%	116.378
$6,785,000	2021	Serial	5%	115.72
$9.9 million	2024	Term	5%	112.643
$32.05 million series 2013B revenue refunding bonds
Amount	Maturity	Type	Coupon	Price
$3.87 million	2014	Serial	2%	NRO
$3,955,000	2015	Serial	5%	109.025
$5,255,000	2016	Serial	5%	114.611
$5,515,000	2017	Serial	5%	113.766
$6,495,000	2024	Serial	5%	110.391
$6.96 million	2025	Serial	5%	108.542

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