Published on 9/23/2015 in the Prospect News Municipals Daily.
New Issue: Public Parking Authority of Pittsburgh offers $69.89 million of bonds
By Sheri Kasprzak
New York, Sept. 23 – The Public Parking Authority of Pittsburgh sold $69,885,000 of series 2015 parking system revenue refunding bonds, according to a pricing sheet.
The offering included $67,395,000 of series 2015A tax-exempt bonds and $2.49 million of series 2015B taxable bonds.
The 2015A bonds are due 2015 to 2026 with 3% to 5% coupons and yields from 0.22% to 2.99%.
The 2015B bonds are due Dec. 1, 2015 and have a 0.98% coupon priced at par.
The bonds (A3/A+/) were sold through PNC Capital Markets LLC.
Proceeds will be used to refund the authority’s series 2005A-B revenue bonds.
| Issuer: | Public Parking Authority of Pittsburgh
|
| Issue: | Series 2015 parking system revenue refunding bonds
|
| Amount: | $69,885,000
|
| Type: | Negotiated
|
| Underwriters: | PNC Capital Markets LLC (lead), Loop Capital Markets LLC and Janney Montgomery Scott LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A+
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 29
|
|
|
| $67,395,000 series 2015A tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4,565,000 | 2015 | Serial | 4% | 100.335 | 0.22%
|
| $5.74 million | 2016 | Serial | 3% | 102.622 | 0.58%
|
| $5,215,000 | 2017 | Serial | 4% | 106.292 | 0.95%
|
| $4.91 million | 2018 | Serial | 4% | 108.084 | 1.32%
|
| $5,105,000 | 2019 | Serial | 5% | 113.319 | 1.62%
|
| $5.36 million | 2020 | Serial | 5% | 114.705 | 1.95%
|
| $5.52 million | 2021 | Serial | 5% | 115.872 | 2.20%
|
| $5.73 million | 2022 | Serial | 5% | 116.782 | 2.41%
|
| $5.95 million | 2023 | Serial | 5% | 117.403 | 2.60%
|
| $6,185,000 | 2024 | Serial | 5% | 118.071 | 2.74%
|
| $6.43 million | 2025 | Serial | 5% | 117.65 | 2.88%
|
| $6,685,000 | 2026 | Serial | 5% | 116.646 | 2.99%
|
|
|
| $2.49 million series 2015B taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Dec. 1, 2015 | Term | 0.98% | 100
|
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