Published on 6/17/2010 in the Prospect News Municipals Daily.
New Issue: Turnpike Authority of Kentucky brings $340.9 million of revenue and refunding bonds
By Sheri Kasprzak
New York, June 17 - The Turnpike Authority of Kentucky sold on Thursday $340.9 million of series 2010 economic development road revenue and revenue refunding bonds, said a pricing sheet.
The sale includes $153.26 million of series 2010A revenue and refunding bonds and $187.64 million of series 2010B Build America Bonds.
The 2010A bonds are due 2013 to 2020 with coupons from 2.5% to 5%. The 2010B bonds are due 2025 and 2030. The 2025 bonds have a 5.244% coupon priced at par and the 2030 bonds have a 5.722% coupon, also priced at par.
Goldman, Sachs & Co. was the senior manager. The co-managers included Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., J.J.B. Hilliard, W.L. Lyons LLC, Morgan Keegan & Co. Inc., PNC Capital Markets LLC, Edward D. Jones & Co. LP, First Kentucky Securities Corp., Stifel, Nicolaus & Co. Inc., Ross, Sinclaire & Associates LLC, Bank of America Merrill Lynch and Sterne, Agee & Leach Inc.
Proceeds will be used to fund the authority's six-year highway revitalization plan as well as to refund existing debt.
The authority is based in Louisville.
| Issuer: | Turnpike Authority of Kentucky
|
| Issue: | Series 2010 economic development road revenue and revenue refunding bonds
|
| Amount: | $340.9 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); Citigroup Global Markets Inc., Morgan Stanley & Co. Inc., J.J.B. Hilliard, W.L. Lyons LLC, Morgan Keegan & Co. Inc., PNC Capital Markets LLC, Edward D. Jones & Co. LP, First Kentucky Securities Corp., Stifel, Nicolaus & Co. Inc., Ross, Sinclaire & Associates LLC, Bank of America Merrill Lynch and Sterne, Agee & Leach Inc. (co-managers)
|
| Pricing date: | June 17
|
| Settlement date: | June 29
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2013 | Serial | 2.5% | 103.84
|
| 2014 | Serial | 3% | 105.225
|
| 2014 | Serial | 4% | 109.096
|
| 2014 | Serial | 5% | 112.967
|
| 2015 | Serial | 2% | 99.667
|
| 2015 | Serial | 3% | 104.409
|
| 2015 | Serial | 5% | 113.892
|
| 2016 | Serial | 2.5% | 99.888
|
| 2016 | Serial | 3.5% | 105.439
|
| 2016 | Serial | 5% | 113.764
|
| 2017 | Serial | 2.75% | 99.179
|
| 2017 | Serial | 4% | 107.069
|
| 2017 | Serial | 5% | 113.381
|
| 2018 | Serial | 3% | 99.084
|
| 2018 | Serial | 4% | 106.125
|
| 2018 | Serial | 5% | 113.167
|
| 2019 | Serial | 3.25% | 99.303
|
| 2019 | Serial | 4% | 105.101
|
| 2019 | Serial | 5% | 112.831
|
| 2020 | Serial | 3.375% | 99.034
|
| 2020 | Serial | 4% | 104.279
|
| 2020 | Serial | 5% | 112.671
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2025 | Term | 5.244% | 100
|
| 2030 | Term | 5.722% | 100
|
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