Published on 2/29/2012 in the Prospect News Municipals Daily.
New Issue: Turnpike Authority of Kentucky sells $218.2 million road revenue bonds
By Sheri Kasprzak
New York, Feb. 29 - The Turnpike Authority of Kentucky sold $218.2 million of series 2012A economic development road revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA+/AA-) were sold through senior manager Goldman, Sachs & Co. The co-managers were Morgan Stanley & Co. LLC; Citigroup Global Markets Inc.; J.J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; Morgan Keegan & Co. Inc.; Stifel, Nicolaus & Co. Inc.; Edward D. Jones & Co. LP; First Kentucky Securities Inc.; Sterne, Agee & Leach Inc.; Ross, Sinclaire & Associates Inc.; Bank of America Merrill Lynch; and J.P. Morgan Securities LLC.
The bonds are due 2016 to 2032 with 2.5% to 5% coupons.
Proceeds will be used to fund revitalization projects included in the authority's six-year capital plan.
| Issuer: | Turnpike Authority of Kentucky
|
| Issue: | Series 2012A economic development road revenue bonds
|
| Amount: | $218.2 million
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead); Morgan Stanley & Co. LLC; Citigroup Global Markets Inc.; J.J.B. Hilliard, W.L. Lyons LLC; PNC Capital Markets LLC; Morgan Keegan & Co. Inc.; Stifel, Nicolaus & Co. Inc.; Edward D. Jones & Co. LP; First Kentucky Securities Inc.; Sterne, Agee & Leach Inc.; Ross, Sinclaire & Associates Inc.; Bank of America Merrill Lynch; and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: AA-
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,585,000 | 2016 | Serial | 3% | 109.191
|
| $4.19 million | 2016 | Serial | 4% | 113.407
|
| $75,000 | 2017 | Serial | 3% | 110.298
|
| $9,005,000 | 2017 | Serial | 4% | 115.447
|
| $500,000 | 2018 | Serial | 2% | 103.912
|
| $20,000 | 2018 | Serial | 3% | 109.931
|
| $8.92 million | 2018 | Serial | 4% | 115.951
|
| $9.81 million | 2019 | Serial | 5% | 123.102
|
| $400,000 | 2020 | Serial | 4% | 115.886
|
| $9.9 million | 2020 | Serial | 5% | 123.524
|
| $2.1 million | 2021 | Serial | 4% | 115.698
|
| $8.71 million | 2021 | Serial | 5% | 124.094
|
| $4.52 million | 2022 | Serial | 4% | 115.013
|
| $6.81 million | 2022 | Serial | 5% | 124.114
|
| $100,000 | 2023 | Serial | 2.5% | 100.194
|
| $11.75 million | 2023 | Serial | 5% | 124.697
|
| $12.44 million | 2024 | Serial | 5% | 125.603
|
| $13,065,000 | 2025 | Serial | 5% | 126.32
|
| $13,715,000 | 2026 | Serial | 5% | 126.585
|
| $2.89 million | 2027 | Serial | 3.125% | 98.499
|
| $11,515,000 | 2027 | Serial | 5% | 126.791
|
| $15.07 million | 2028 | Serial | 5% | 126.819
|
| $3 million | 2029 | Serial | 4% | 110.561
|
| $12,825,000 | 2029 | Serial | 5% | 126.834
|
| $16,585,000 | 2030 | Serial | 5% | 127.187
|
| $17,415,000 | 2031 | Serial | 5% | 126.764
|
| $4.83 million | 2032 | Serial | 3.625% | 98.932
|
| $13,455,000 | 2032 | Serial | 5% | 126.371
|
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