By Cristal Cody
Springdale, Ark., July 18 - MTA Bridges and Tunnels and the Triborough Bridge and Tunnel Authority in New York City priced $1.121 billion revenue bonds with 1.54%-4.68% yields, according to official statements released Friday.
Metropolitan Transportation Authority will announce the true interest cost at a finance meeting on Monday, a source told Prospect News.
The $629.89 million series 2008C general revenue bonds (Aa2/AA-/AA) priced with 4% to 5% coupons to yield 1.887% to 4.62% from 2009 through 2030. Term bonds due in 2033 and 2038 priced with 5% coupons to yield 4.68% to 4.73%.
The $491.11 million series 2008D subordinate revenue bonds (Aa3/A+/AA-) priced with 4% to 5% coupons to yield 1.54% to 4.68% from Nov. 15, 2008 through Nov. 15, 2028. A term bond due in 2031 priced with a 5% coupon to yield 4.78%.
Citigroup Global Markets was the senior manager of the negotiated sales.
Co-managers were Banc of America Securities LLC, Siebert Brandford Shank & Co., M.R. Beal & Co., Depfa First Albany Securities LLC, JPMorgan, Lehman Brothers, Loop Capital Markets LLC, Merrill Lynch & Co., Morgan Stanley, Ramirez & Co., Raymond James & Associates, RBC Capital Markets, Roosevelt & Cross Inc. and Wachovia Bank NA.
Proceeds will finance transit and commuter projects and refinance outstanding debt.
| Issuer: | MTA Bridges and Tunnels/Triborough Bridge and Tunnel Authority (New York)
|
| Issue: | Series 2008 C general and subordinate revenue bonds
|
| Total amount: | $1.121 billion
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets (lead)
|
| Pricing date: | July 16
|
| Settlement date: | July 30
|
|
|
| General revenue bonds
|
| Issue: | Series 2008C general revenue bonds
|
| Amount: | $629.89 million
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.887%
|
| 2010 | Serial | 5% | 2.38%
|
| 2010 | Serial | 3.5% | 2.38%
|
| 2011 | Serial | 4% | 2.75%
|
| 2012 | Serial | 5% | 3%
|
| 2013 | Serial | 5% | 3.18%
|
| 2014 | Serial | 5% | 3.32%
|
| 2015 | Serial | 5% | 3.45%
|
| 2016 | Serial | 5% | 3.59%
|
| 2017 | Serial | 5% | 3.71%
|
| 2018 | Serial | 5% | 3.83%
|
| 2019 | Serial | 5% | 3.95%
|
| 2020 | Serial | 5% | 4.06%
|
| 2021 | Serial | 5% | 4.16%
|
| 2022 | Serial | 5% | 4.22%
|
| 2023 | Serial | 5% | 4.29%
|
| 2024 | Serial | 5% | 4.35%
|
| 2025 | Serial | 5% | 4.4%
|
| 2026 | Serial | 5% | 4.45%
|
| 2027 | Serial | 5% | 4.5%
|
| 2028 | Serial | 5% | 4.53%
|
| 2029 | Serial | 5% | 4.58%
|
| 2030 | Serial | 5% | 4.62%
|
| 2033 | Term | 5% | 4.68%
|
| 2038 | Term | 5% | 4.73%
|
|
|
| Subordinate revenue bonds
|
| Issue: | Series 2008D subordinate revenue bonds
|
| Amount: | $491.11 million
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: A+
|
| Fitch: AA-
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 4% | 1.54%
|
| 2009 | Serial | 4% | 1.987%
|
| 2010 | Serial | 3.5% | 2.43%
|
| 2011 | Serial | 4% | 2.81%
|
| 2012 | Serial | 4% | 3.06%
|
| 2013 | Serial | 4% | 3.24%
|
| 2014 | Serial | 5% | 3.4%
|
| 2015 | Serial | 5% | 3.59%
|
| 2016 | Serial | 4% | 3.72%
|
| 2016 | Serial | 5% | 3.72%
|
| 2017 | Serial | 4% | 3.84%
|
| 2017 | Serial | 5% | 3.84%
|
| 2018 | Serial | 5% | 3.95%
|
| 2019 | Serial | 4% | 4.07%
|
| 2020 | Serial | 4% | 4.19%
|
| 2021 | Serial | 5% | 4.3%
|
| 2021 | Serial | 4% | 4.3%
|
| 2022 | Serial | 4.25% | 4.37%
|
| 2022 | Serial | 5% | 4.37%
|
| 2023 | Serial | 5% | 4.44%
|
| 2023 | Serial | 4.25% | 4.44%
|
| 2024 | Serial | 5% | 4.5%
|
| 2025 | Serial | 5% | 4.55%
|
| 2026 | Serial | 5% | 4.6%
|
| 2027 | Serial | 5% | 4.65%
|
| 2028 | Serial | 4.5% | 4.68%
|
| 2028 | Serial | 5% | 4.68%
|
| 2031 | Term | 5% | 4.78%
|
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