Published on 6/10/2014 in the Prospect News Municipals Daily.
New Issue: Kentucky Turnpike Authority prices $121.34 million road revenue bonds
By Sheri Kasprzak
New York, June 10 – The Kentucky Turnpike Authority priced $121,335,000 of series 2014A economic development road revenue refunding bonds, according to a pricing sheet.
The bonds (/AA+/A+) were sold through Goldman Sachs & Co.
The bonds are due 2016 to 2025 with 1% to 5% coupons.
Proceeds will be used to refund the authority’s series 2005B revenue bonds.
| Issuer: | Kentucky Turnpike Authority
|
| Issue: | Series 2014A economic development road revenue refunding bonds
|
| Amount: | $121,335,000
|
| 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.; and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Standard & Poor’s: AA+
|
| Fitch: A+
|
| Pricing date: | June 10
|
| Settlement date: | June 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3,335,000 | 2016 | Serial | 1% | 101.345
|
| $6.62 million | 2016 | Serial | 5% | 109.378
|
| $2.33 million | 2017 | Serial | 1.5% | 102.383
|
| $7.99 million | 2017 | Serial | 5% | 112.813
|
| $2.17 million | 2018 | Serial | 2% | 103.526
|
| $8,585,000 | 2018 | Serial | 5% | 115.282
|
| $3.42 million | 2019 | Serial | 2.5% | 105.161
|
| $7.81 million | 2019 | Serial | 5% | 117.222
|
| $830,000 | 2020 | Serial | 2.5% | 104.148
|
| $10,875,000 | 2020 | Serial | 5% | 118.357
|
| $2.75 million | 2021 | Serial | 2.75% | 104.486
|
| $9.52 million | 2021 | Serial | 5% | 119.115
|
| $675,000 | 2022 | Serial | 2.75% | 102.98
|
| $12.15 million | 2022 | Serial | 5% | 119.34
|
| $11,665,000 | 2023 | Serial | 5% | 119.801
|
| $1.78 million | 2023 | Serial | 3% | 103.767
|
| $2.5 million | 2024 | Serial | 3% | 102.883
|
| $11,585,000 | 2024 | Serial | 5% | 120.359
|
| $2.99 million | 2025 | Serial | 3% | 102.075
|
| $11,755,000 | 2025 | Serial | 5% | 120.941
|
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