Published on 7/15/2014 in the Prospect News Municipals Daily.
New Issue: Kansas Department of Transportation sells $250 million of revenue bonds
By Sheri Kasprzak
New York, July 15 – The Kansas Department of Transportation sold $250 million of series 2014A highway revenue bonds, according to a pricing sheet.
The bonds (Aa2/AAA/AA+) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2025 to 2030 with 5% coupons.
Proceeds will be used to finance highway capital projects within the state.
| Issuer: | Kansas Department of Transportation
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| Issue: | Series 2014A highway revenue bonds
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| Amount: | $250 million
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| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Barclays, Citigroup Global Markets Inc., Fidelity Capital Markets Inc., George K. Baum & Co., Valdes & Moreno Inc. and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AAA
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| Fitch: AA+
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| Pricing date: | July 15
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| Settlement date: | July 31
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| Amount | Maturity | Type | Coupon | Price
|
| $35.81 million | 2025 | Serial | 5% | 121.759
|
| $38 million | 2026 | Serial | 5% | 120.77
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| $40.3 million | 2027 | Serial | 5% | 119.888
|
| $42.72 million | 2028 | Serial | 5% | 119.111
|
| $45,255,000 | 2029 | Serial | 5% | 118.339
|
| $47,915,000 | 2030 | Serial | 5% | 117.669
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