Kentucky Public Transportation organizes $747.4 million bond offering

By Sheri Kasprzak

New York, Dec. 2 - The Kentucky Public Transportation Infrastructure Authority plans to sell $747,401,574.30 of series 2013 first-tier toll revenue bonds, according to a preliminary official statement.

The deal includes $175.85 million of series 2013A current interest bonds, $45,766,715.25 of series 2013B capital appreciation bonds, $73,784,859.05 of series 2013C convertible capital appreciation bonds, as well as $452 million of series 2013 subordinate toll revenue bond anticipation notes comprised of $423.94 million of series 2013A notes and $28.06 million of series 2013B notes.

The bonds and notes will be sold through senior manager Citigroup Global Markets Inc. The co-managers are Goldman, Sachs & Co.; J.P. Morgan Securities LLC; 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.

The 2013A bonds are due 2049 and 2053. The 2013B bonds are due 2019 to 2037. The 2013C bonds are due 2037 to 2046.

Both the 2013A and 2013B notes are due July 1, 2017.

Proceeds will be used to finance the construction, improvement and renovation of the Downtown Crossing project, which includes the junction of interstates 64, 65 and 71 in downtown Louisville, as well as the repair and renovation of bridges.

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