Published on 9/12/2013 in the Prospect News Municipals Daily.
New Issue: Kentucky Turnpike brings $187.63 million economic development road debt
By Sheri Kasprzak
New York, Sept. 12 - The Turnpike Authority of Kentucky sold $187,625,000 of series 2013A economic development road revenue bonds, according to a pricing sheet.
The bonds (Aa2/AA+/A+) were sold through Goldman, Sachs & Co.
The bonds are due 2015 to 2033 with 2% to 5% coupons with 0.43% to 4.7% yields.
Proceeds will be used to finance road revitalization projects within the state.
| Issuer: | Turnpike Authority of Kentucky
|
| Issue: | Series 2013A economic development road revenue bonds
|
| Amount: | $187,625,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), Morgan Stanley & Co. LLC, 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., Sterne, Agee & Leach Inc. (co-managers) Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Fitch: A+
|
| Pricing date: | Sept. 12
|
| Settlement date: | Oct. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,125,000 | 2015 | Serial | 2% | 102.729 | 0.43%
|
| $4.26 million | 2015 | Serial | 5% | 107.945 | 0.43%
|
| $1.97 million | 2016 | Serial | 2% | 102.977 | 0.90%
|
| $2 million | 2016 | Serial | 3% | 105.684 | 0.90%
|
| $2,645,000 | 2016 | Serial | 5% | 111.099 | 0.90%
|
| $1,925,000 | 2017 | Serial | 2% | 102.366 | 1.35%
|
| $2 million | 2017 | Serial | 4% | 109.649 | 1.35%
|
| $3.09 million | 2017 | Serial | 5% | 113.291 | 1.35%
|
| $2 million | 2018 | Serial | 2.5% | 103.123 | 1.81%
|
| $5.26 million | 2018 | Serial | 5% | 114.445 | 1.81%
|
| $2 million | 2019 | Serial | 2.5% | 101.555 | 2.21%
|
| $5,595,000 | 2019 | Serial | 5% | 114.977 | 2.21%
|
| $390,000 | 2020 | Serial | 3% | 102.458 | 2.60%
|
| $7.54 million | 2020 | Serial | 5% | 114.76 | 2.60%
|
| $2,775,000 | 2021 | Serial | 3% | 100 | 3.00%
|
| $5.56 million | 2021 | Serial | 5% | 113.729 | 3.00%
|
| $970,000 | 2022 | Serial | 3.5% | 101.733 | 3.27%
|
| $7.71 million | 2022 | Serial | 5% | 113.063 | 3.27%
|
| $2,095,000 | 2023 | Serial | 3.625% | 101.517 | 3.44%
|
| $7,005,000 | 2023 | Serial | 5% | 112.821 | 3.44%
|
| $1.6 million | 2024 | Serial | 3.75% | 101.055 | 3.62%
|
| $7,925,000 | 2024 | Serial | 5% | 111.243 | 3.62%
|
| $9,915,000 | 2025 | Serial | 5% | 109.778 | 3.79%
|
| $10.41 million | 2026 | Serial | 5% | 108.42 | 3.95%
|
| $10.93 million | 2027 | Serial | 5% | 107.248 | 4.09%
|
| $3,365,000 | 2028 | Serial | 4.25% | 98.914 | 4.35%
|
| $8,115,000 | 2028 | Serial | 5% | 106.256 | 4.21%
|
| $12,025,000 | 2029 | Serial | 5% | 105.275 | 4.33%
|
| $12,625,000 | 2030 | Serial | 5% | 104.465 | 4.43%
|
| $13.26 million | 2031 | Serial | 5% | 103.823 | 4.51%
|
| $13.92 million | 2032 | Serial | 5% | 103.185 | 4.59%
|
| $1,685,000 | 2033 | Serial | 4.625% | 99.035 | 4.70%
|
| $12,935,000 | 2033 | Serial | 5% | 102.632 | 4.66%
|
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