Published on 6/17/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky Turnpike Authority prices $193.19 million of refunding bonds
By Sheri Kasprzak
New York, June 17 – The Kentucky Turnpike Authority sold $193.19 million of series 2015 economic development road revenue and refunding bonds, according to a pricing sheet.
The deal included $70.81 million of series 2015A revenue bonds and $122.38 million of series 2015B refunding bonds.
The 2015A bonds are due 2017 to 2033 with a term bond due in 2035. The serial coupons range from 2% to 5%. The 2035 bonds have a 4% coupon priced at 99.589.
The 2015B bonds are due 2017 to 2026 with 3% to 5% coupons.
The bonds (Aa2//A+) were sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance revitalization projects and refund existing debt.
| Issuer: | Kentucky Turnpike Authority
|
| Issue: | Series 2015 economic development road revenue and refunding bonds
|
| Amount: | $193.19 million
|
| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC (lead); Goldman, Sachs & Co.; 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: | Moody’s: Aa2
|
| Fitch: A+
|
| Pricing date: | June 16
|
| Settlement date: | July 22
|
|
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| $70.81 million series 2015A revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,705,000 | 2017 | Serial | 2% | 102.21
|
| $2.76 million | 2018 | Serial | 3% | 105.009
|
| $2.84 million | 2019 | Serial | 4% | 109.412
|
| $145,000 | 2020 | Serial | 4% | 110.407
|
| $2.81 million | 2020 | Serial | 5% | 115.116
|
| $3,075,000 | 2021 | Serial | 2% | 99.721
|
| $3,135,000 | 2022 | Serial | 3% | 104.663
|
| $3.23 million | 2023 | Serial | 4% | 111.276
|
| $120,000 | 2024 | Serial | 2.5% | 99.206
|
| $3,235,000 | 2024 | Serial | 5% | 119.037
|
| $120,000 | 2025 | Serial | 4% | 110.899
|
| $3.32 million | 2025 | Serial | 5% | 119.55
|
| $970,000 | 2026 | Serial | 3% | 99.537
|
| $2.61 million | 2026 | Serial | 5% | 117.645
|
| $3,685,000 | 2027 | Serial | 3.125% | 98.867
|
| $3.8 million | 2028 | Serial | 5% | 115.868
|
| $3.99 million | 2029 | Serial | 5% | 115.13
|
| $4.19 million | 2030 | Serial | 5% | 114.397
|
| $4.4 million | 2031 | Serial | 5% | 113.852
|
| $4,575,000 | 2032 | Serial | 5% | 113.625
|
| $4,805,000 | 2033 | Serial | 5% | 113.039
|
| $10.29 million | 2035 | Term | 4% | 99.589
|
|
|
| $122.38 million series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.85 million | 2017 | Serial | 5% | 107.974
|
| $10.34 million | 2018 | Serial | 5% | 110.766
|
| $5 million | 2019 | Serial | 3% | 105.602
|
| $5,855,000 | 2019 | Serial | 5% | 113.223
|
| $5 million | 2020 | Serial | 3% | 105.698
|
| $6,305,000 | 2020 | Serial | 5% | 115.116
|
| $11,765,000 | 2021 | Serial | 5% | 116.422
|
| $12,355,000 | 2022 | Serial | 5% | 117.44
|
| $12.97 million | 2023 | Serial | 5% | 118.458
|
| $13.62 million | 2024 | Serial | 5% | 119.037
|
| $14,305,000 | 2025 | Serial | 5% | 119.55
|
| $15,015,000 | 2026 | Serial | 5% | 118.535
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