Published on 1/30/2014 in the Prospect News Municipals Daily.
New Issue: Triborough Bridge and Tunnel, N.Y., sells $350 million of bonds, BANs
By Sheri Kasprzak
New York, Jan. 30 - The Triborough Bridge and Tunnel Authority of New York sold $350 million of series 2014A general revenue bonds and general revenue bond anticipation notes, according to a pricing sheet.
The deal included $250 million of series 2014A revenue bonds and $100 million of series 2014A general revenue bond anticipation notes.
The bonds are due 2014 to 2035 with term bonds due in 2039 and 2044. The serial coupons range from 1% to 5%. The 2039 bonds have a 4.25% coupon priced at 98.301 and a 5% coupon priced at 110.835. The 2044 bonds have a 4.375% coupon priced at 98.249 and a 5% coupon priced at 113.74.
The notes are due May 15, 2015 and bear interest at a 5% coupon priced at 106.077 to yield 0.22%.
The bonds and notes were sold through senior manager BofA Merrill Lynch and Cabrera Capital Markets LLC.
Proceeds will be used to finance bridge and tunnel projects.
| Issuer: | Triborough Bridge and Tunnel Authority
|
| Issue: | Series 2014A general revenue bonds and general revenue bond anticipation notes
|
| Amount: | $350 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Cabrera Capital Markets LLC (lead for bonds, sole for notes); Citigroup Global Markets Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Jefferies & Co.; Loop Capital Markets LLC; Morgan Stanley & Co. LLC; Ramirez & Co. Inc.; RBC Capital Markets LLC; Siebert Brandford Shank & Co. LLC; Wells Fargo Securities LLC; Barclays, M.R. Beal & Co. Inc.; BNY Mellon Capital Markets LLC; CastleOak Securities LP; Duncan-Williams Inc.; Estrada Hinojosa & Co. Inc.; Fidelity Capital Markets LLC; Janney Montgomery Scott LLC; KeyBanc Capital Markets Inc.; Lebenthal & Co. LLC; M&T Securities Inc.; Mesirow Financial Inc.; Oppenheimer & Co. Inc.; Piper Jaffray & Co. Inc.; PNC Capital Markets LLC; Raymond James/Morgan Keegan; Rice Financial Products Co.; Roosevelt & Cross Inc.; Stern Brothers & Co.; Stifel, Nicolaus & Co. Inc.; TD Securities Inc.; U.S. Bancorp Investment Corp.; and Williams Capital Group LP (co-managers for 2014A bonds)
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 6
|
|
|
| $250 million series 2014A general revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.88 million | 2014 | Serial | 1% | 100.681
|
| $3,795,000 | 2015 | Serial | 5% | 108.406
|
| $3.91 million | 2016 | Serial | 3% | 106.937
|
| $4,065,000 | 2017 | Serial | 5% | 115.586
|
| $4.27 million | 2018 | Serial | 4% | 113.203
|
| $4.48 million | 2019 | Serial | 5% | 119.229
|
| $4,705,000 | 2020 | Serial | 3% | 106.239
|
| $4.94 million | 2021 | Serial | 4% | 111.735
|
| $5.19 million | 2022 | Serial | 5% | 118.804
|
| $2.68 million | 2023 | Serial | 5% | 118.601
|
| $2.77 million | 2023 | Serial | 5% | 101.611
|
| $5.72 million | 2024 | Serial | 5% | 119.003
|
| $4,465,000 | 2025 | Serial | 3.25% | 100.876
|
| $1.54 million | 2025 | Serial | 5% | 117.97
|
| $6,305,000 | 2026 | Serial | 5% | 117.942
|
| $6.62 million | 2027 | Serial | 5% | 117.115
|
| $6,955,000 | 2028 | Serial | 5% | 117.058
|
| $7.3 million | 2029 | Serial | 5% | 116.601
|
| $7,665,000 | 2030 | Serial | 5% | 116.134
|
| $8.05 million | 2031 | Serial | 5% | 115.54
|
| $8.45 million | 2032 | Serial | 4% | 98.952
|
| $8,875,000 | 2033 | Serial | 5% | 114.311
|
| $9.32 million | 2034 | Serial | 4% | 97.24
|
| $9.65 million | 2035 | Serial | 4% | 96.054
|
| $2.07 million | 2039 | Term | 4.25% | 98.301
|
| $42.34 million | 2039 | Term | 5% | 110.835
|
| $25 million | 2044 | Term | 4.375% | 98.249
|
| $43.99 million | 2044 | Term | 5% | 113.74
|
|
|
| $100 million series 2014A general revenue bond anticipation notes
|
| Maturity | Type | Coupon | Price | Yield
|
| May 15, 2015 | Term | 5% | 106.077 | 0.22%
|
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