Published on 7/31/2013 in the Prospect News Municipals Daily.
New Issue: Kentucky Asset/Liability sells $212.55 million highway trust fund notes
By Sheri Kasprzak
New York, July 31 - The Kentucky Asset/Liability Commission priced $212,545,000 of series 2013A federal highway trust fund project notes, according to a pricing sheet.
The notes (Aa3/AA/A+) were sold through senior manager Citigroup Global Markets Inc.
The notes are due 2017 to 2025 with 2% to 5.25% coupons and 1.52% to 4.04% yields.
Proceeds will be used to finance the reconstruction of bridges and portions of Interstate 64, Interstate 65 and Interstate 71 in downtown Louisville, Ky.
| Issuer: | Kentucky Asset/Liability Commission
|
| Issue: | Series 2013A federal highway trust fund project notes
|
| Amount: | $212,545,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Goldman, Sachs & Co., J.J.B. Hilliard, W.L. Lyons LLC, Raymond James/Morgan Keegan, PNC Capital Markets LLC, First Kentucky Securities Corp., Edward D. Jones & Co. LP, Fifth Third Securities and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA
|
| Fitch: A+
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 8
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $3,385,000 | 2017 | Serial | 2% | 1.52%
|
| $16.13 million | 2017 | Serial | 5% | 1.52%
|
| $3,065,000 | 2018 | Serial | 2% | 1.85%
|
| $17,325,000 | 2018 | Serial | 5% | 1.85%
|
| $1,975,000 | 2019 | Serial | 3% | 2.27%
|
| $19.34 million | 2019 | Serial | 5% | 2.27%
|
| $3,365,000 | 2020 | Serial | 3% | 2.66%
|
| $18.98 million | 2020 | Serial | 5% | 2.66%
|
| $3,815,000 | 2021 | Serial | 3% | 3.13%
|
| $19.58 million | 2021 | Serial | 5% | 3.13%
|
| $4,385,000 | 2022 | Serial | 3.5% | 3.46%
|
| $20.1 million | 2022 | Serial | 5.25% | 3.46%
|
| $3.77 million | 2023 | Serial | 4% | 3.68%
|
| $21,925,000 | 2023 | Serial | 5.25% | 3.68%
|
| $380,000 | 2024 | Serial | 4% | 3.86%
|
| $26,615,000 | 2024 | Serial | 5.25% | 3.86%
|
| $3.25 million | 2025 | Serial | 4% | 4.04%
|
| $25.16 million | 2025 | Serial | 5.25% | 4.04%
|
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