Published on 12/13/2013 in the Prospect News Municipals Daily.
New Issue: Triborough Bridge, Tunnel Authority, N.Y., offers $318.98 million bonds
By Sheri Kasprzak
New York, Dec. 13 - The Triborough Bridge and Tunnel Authority of New York sold $318,975,000 of series 2013D subordinate revenue refunding bonds, according to a pricing sheet.
The deal included $165,505,000 of series 2013D-1 taxable refunding bonds, $58.02 million of series 2013D-2 floating-rate taxable refunding notes and $90.45 million of series 2013D-3 floating-rate taxable refunding notes.
The 2013D-1 bonds are due 2014 to 2025 with 1% to 4.434% coupons and yields from 0.25% to 4.434%.
The 2013D-2 notes are due Nov. 15, 2028 and have a 0.564% initial coupon priced at par.
The 2013D-3 notes are due Nov. 15, 2032 and have a 0.814% initial coupon priced at par.
The bonds (/A+/) were sold through Jefferies & Co. and Goldman, Sachs & Co.
Proceeds will be used to refund the authority's series 2002E subordinate revenue refunding bonds.
| Issuer: | Triborough Bridge and Tunnel Authority
|
| Issue: | Series 2013D subordinate revenue refunding bonds
|
| Amount: | $318,975,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and Goldman, Sachs & Co. (lead), BofA Merrill Lynch, Barclays and Citigroup Global Markets Inc. (co-managers)
|
| Rating: | Standard & Poor's: A+
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 19
|
|
|
| $165,505,000 series 2013D-1 taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2014 | Serial | 1% | 100.677 | 0.25%
|
| $1.23 million | 2015 | Serial | 1% | 101.042 | 0.45%
|
| $1.25 million | 2016 | Serial | 1% | 100.429 | 0.85%
|
| $1,275,000 | 2017 | Serial | 1.25% | 99.62 | 1.35%
|
| $9.21 million | 2018 | Serial | 2.435% | 100 | 2.435%
|
| $14.17 million | 2019 | Serial | 2.885% | 100 | 2.885%
|
| $26,725,000 | 2020 | Serial | 3.348% | 100 | 3.348%
|
| $27.38 million | 2021 | Serial | 3.598% | 100 | 3.598%
|
| $23,975,000 | 2022 | Serial | 3.884% | 100 | 3.884%
|
| $24,895,000 | 2023 | Serial | 4.134% | 100 | 4.134%
|
| $16.79 million | 2024 | Serial | 4.284% | 100 | 4.284%
|
| $17,605,000 | 2025 | Serial | 4.434% | 100 | 4.434%
|
|
|
| $58.02 million series 2013D-2 floating-rate taxable refunding notes
|
| Maturity | Type | Coupon | Price | Yield
|
| Nov. 15, 2028 | Term | 0.564% | 100 | 0.564%
|
|
|
| $90.45 million series 2013D-3 floating-rate taxable refunding notes
|
| Maturity | Type | Coupon | Price | Yield
|
| Nov. 15, 2032 | Term | 0.814% | 100 | 0.814%
|
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