Published on 5/8/2015 in the Prospect News Municipals Daily.
New Issue: Triborough Bridge and Tunnel, N.Y., sells $225 million of revenue bonds
By Sheri Kasprzak
New York, May 8 – The Triborough Bridge and Tunnel Authority sold $225 million of series 2015A general revenue bonds, said a pricing sheet.
The bonds were sold through Loop Capital Markets LLC and Academy Securities Inc.
The bonds are due 2015 to 2035 with term bonds due in 2040, 2045 and 2050. The serial coupons range from 1% to 5% with 0.14% to 3.40% yields. The 2040 bonds have a 5% coupon and priced at 112.295 to yield 3.53%, the 2045 bonds have a 5.25% coupon and priced at 114.658 to yield 3.50%, and the 2050 bonds have a 5% coupon and priced at 110.168 to yield 3.77%.
Proceeds will be used to finance bridge and tunnel projects.
| Issuer: | Triborough Bridge and Tunnel Authority
|
| Issue: | Series 2015A general revenue bonds
|
| Amount: | $225 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC and Academy Securities Inc. (lead), BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Jefferies & Co., Morgan Stanley & Co. LLC, Ramirez & Co. Inc., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Wells Fargo Securities LLC, Barclays, BNY Mellon Capital Markets, Cabrera Capital Markets LLC, CastleOak Securities LP, Drexel Hamilton LLC, Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc., Janney Montgomery Scott LLC, KeyBanc Capital Markets LLC, M&T Securities Inc., Mesirow Financial Inc., Oppenheimer & Co., Piper Jaffray & Co., PNC Capital Markets LLC, Raymond James/Morgan Keegan, Rice Financial Products Co., Roosevelt & Cross Inc., Stern Brothers & Co., Stifel, Nicolaus & Co. Inc., TD Securities (USA) Inc., U.S. Bancorp Investments Inc. and Williams Capital Group LP (co-managers)
|
| Pricing date: | May 8
|
| Settlement date: | May 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,075,000 | 2015 | Serial | 1% | 100.429 | 0.14%
|
| $2,675,000 | 2016 | Serial | 5% | 106.747 | 0.48%
|
| $2.81 million | 2017 | Serial | 3% | 105.307 | 0.85%
|
| $2,895,000 | 2018 | Serial | 5% | 113.059 | 1.18%
|
| $3.04 million | 2019 | Serial | 5% | 115.647 | 1.40%
|
| $3.19 million | 2020 | Serial | 5% | 117.717 | 1.62%
|
| $3.35 million | 2021 | Serial | 5% | 119.275 | 1.84%
|
| $3.52 million | 2022 | Serial | 5% | 120.565 | 2.03%
|
| $3,695,000 | 2023 | Serial | 5% | 121.599 | 2.20%
|
| $3.88 million | 2024 | Serial | 5% | 122.064 | 2.39%
|
| $4,075,000 | 2025 | Serial | 5% | 121.21 | 2.58%
|
| $4,275,000 | 2026 | Serial | 5% | 119.458 | 2.76%
|
| $4.49 million | 2027 | Serial | 5% | 118.021 | 2.91%
|
| $4,715,000 | 2028 | Serial | 5% | 116.98 | 3.02%
|
| $4.95 million | 2029 | Serial | 5% | 116.417 | 3.08%
|
| $5.2 million | 2030 | Serial | 5% | 115.764 | 3.15%
|
| $5.46 million | 2031 | Serial | 5% | 115.208 | 3.21%
|
| $5.73 million | 2033 | Serial | 5% | 114.288 | 3.31%
|
| $6.02 million | 2034 | Serial | 3.25% | 97.874 | 3.40%
|
| $6,215,000 | 2035 | Serial | 5% | 113.467 | 3.40%
|
| $36,055,000 | 2040 | Term | 5% | 112.295 | 3.53%
|
| $46.25 million | 2045 | Term | 5.25% | 114.658 | 3.50%
|
| $59,435,000 | 2050 | Term | 5% | 110.168 | 3.77%
|
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