Published on 3/5/2014 in the Prospect News Municipals Daily.
New Issue: Kentucky Asset/Liability brings $171.94 million federal highway bonds
By Sheri Kasprzak
New York, March 5 - The Kentucky Asset/Liability Commission sold $171.94 million of series 2014 federal highway trust fund first series bonds, according to a pricing sheet.
The offering included $132,175,000 of series 2014A bonds and $39,765,000 of series 2014B bonds.
The 2014A bonds are due 2023 to 2026 with 3% to 5% coupons with 2.81% to 3.35% yields.
The 2014B bonds are due 2015 to 2017 with 1% to 5% coupons and 0.27% to 0.66% yields.
The bonds (A1/AA/A+) were sold through senior manager Goldman, Sachs & Co.
Proceeds will be used to construct bridges over Kentucky Lake and expand U.S. Highway 68/Kentucky State Highway 80, as well as to refund existing debt.
| Issuer: | Kentucky Asset/Liability Commission
|
| Issue: | Series 2014 federal highway trust fund first series bonds
|
| Amount: | $171.94 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), Citigroup Global Markets Inc., 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 Inc. and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Fitch: A+
|
| Pricing date: | March 5
|
| Settlement date: | March 19
|
|
|
| $132,175,000 series 2014A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $625,000 | 2023 | Serial | 3% | 101.566 | 2.81%
|
| $23.2 million | 2023 | Serial | 5% | 118.063 | 2.81%
|
| $6,765,000 | 2024 | Serial | 3.25% | 102.227 | 3.00%
|
| $18.24 million | 2024 | Serial | 5% | 117.825 | 3.00%
|
| $5.8 million | 2025 | Serial | 3.5% | 102.824 | 3.18%
|
| $20.33 million | 2025 | Serial | 5% | 116.072 | 3.18%
|
| $6.78 million | 2026 | Serial | 3.75% | 103.5 | 3.35%
|
| $50,435,000 | 2026 | Serial | 5% | 114.445 | 3.35%
|
|
|
| $39,765,000 series 2014B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $850,000 | 2015 | Serial | 1% | 101.055 | 0.27%
|
| $11,785,000 | 2015 | Serial | 5% | 106.84 | 0.27%
|
| $50,000 | 2016 | Serial | 1% | 101.412 | 0.42%
|
| $13,185,000 | 2016 | Serial | 5% | 111.151 | 0.42%
|
| $600,000 | 2017 | Serial | 1% | 101.157 | 0.66%
|
| $13,295,000 | 2017 | Serial | 5% | 114.779 | 0.66%
|
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