Pennsylvania Turnpike Commission organizes $495.56 million bond sale

By Sheri Kasprzak

New York, May 5 – The Pennsylvania Turnpike Commission is set to price $495.56 million of series 2015 turnpike revenue bonds, according to a preliminary official statement.

The deal includes $379.92 million of series 2015A-1 bonds and $115.64 million of series 2015A-2 variable-rate bonds.

The bonds (A1/A+/A+) will be sold on a negotiated basis with Loop Capital Markets LLC as the lead manager. The co-managers are PNC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Cabrera Capital Markets LLC, Edward D. Jones & Co. LP and Drexel Hamilton LLC.

The 2015A-1 bonds are due 2020 to 2035 with term bonds due in 2040 and 2045. The 2015A-2 bonds are due 2016 to 2021.

Proceeds will be used to finance capital projects in the commission’s 10-year plan and to refund existing floating-rate notes.

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