Published on 3/26/2014 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Turnpike Commission brings $236.12 million revenue bonds
By Sheri Kasprzak
New York, March 26 - The Pennsylvania Turnpike Commission sold $236,115,000 of series 2014A turnpike revenue bonds, said a pricing sheet.
The bonds (A1/A+/A+) were sold through Loop Capital Markets LLC.
The bonds are due 2019 to 2034 with term bonds due in 2038 and 2044. The serial coupons range from 4% to 5% with 2.01% to 4.21% yields. The 2038 bonds have a 5% coupon and priced at 105.494 to yield 4.35%, and the 2044 bonds have a 5% coupon and priced at 104.538 to yield 4.46%.
Proceeds will be used to finance turnpike capital projects.
| Issuer: | Pennsylvania Turnpike Commission
|
| Issue: | Series 2014A turnpike revenue bonds
|
| Amount: | $236,115,000
|
| Type: | Negotiated
|
| Underwriter: | Loop Capital Markets LLC (lead)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
| Pricing date: | March 26
|
| Settlement date: | April 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $65,000 | 2019 | Serial | 5% | 115.935 | 2.01%
|
| $455,000 2020 | Serial | 5% | 115.859 | 2.41%
|
| $875,000 2021 | Serial | 5% | 115.678 | 2.72%
|
| $1,325,000 | 2022 | Serial | 5% | 115.159 | 3.00%
|
| $1.81 million | 2023 | Serial | 5% | 115.039 | 3.18%
|
| $2,335,000 | 2024 | Serial | 5% | 114.885 | 3.53%
|
| $2.9 million | 2025 | Serial | 5% | 113.634 | 3.46%
|
| $3.5 million | 2026 | Serial | 5% | 112.21 | 3.61%
|
| $4,145,000 | 2027 | Serial | 5% | 111.46 | 3.69%
|
| $4.73 million | 2028 | Serial | 5% | 110.623 | 3.78%
|
| $5.45 million | 2029 | Serial | 5% | 109.61 | 3.89%
|
| $6.22 million | 2030 | Serial | 4% | 98.796 | 4.10%
|
| $6.98 million | 2031 | Serial | 5% | 108.247 | 4.04%
|
| $7,855,000 | 2032 | Serial | 5% | 107.618 | 4.11%
|
| $8,785,000 | 2033 | Serial | 5% | 106.993 | 4.18%
|
| $9.78 million | 2034 | Serial | 5% | 106.726 | 4.21%
|
| $50.43 million | 2038 | Term | 5% | 105.494 | 4.35%
|
| $118,475,000 | 2044 | Term | 5% | 104.538 | 4.46%
|
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