Published on 3/22/2016 in the Prospect News Municipals Daily.
New Issue: Kentucky Turnpike brings $222.67 million of economic development bonds
By Sheri Kasprzak
New York, March 22 – The Kentucky Turnpike Authority sold $222.67 million of series 2016A economic development road revenue refunding bonds, said a pricing sheet.
The bonds (AA-/A+) were sold through Morgan Stanley & Co. LLC.
The bonds are due 2016 and 2019 to 2029 with 2% to 5% coupons and yields from 0.38% to 3.00%.
Proceeds will be used to refund existing road revenue bonds.
Issuer: | Kentucky Turnpike Authority
|
Issue: | Series 2016A economic development road revenue refunding bonds
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Amount: | $222.67 million
|
Type: | Negotiated
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Underwriter: | Morgan Stanley & Co. LLC
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Ratings: | Standard & Poor’s: AA-
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Fitch: A+
|
Pricing date: | March 22
|
Settlement date: | April 7
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$3.3 million | 2016 | Serial | 4% | 100.842 | 0.38%
|
$1,945,000 | 2019 | Serial | 3% | 105.69 | 1.20%
|
$8,185,000 | 2019 | Serial | 4% | 108.852 | 1.20%
|
$1.7 million | 2020 | Serial | 2% | 102.29 | 1.44%
|
$16,515,000 | 2020 | Serial | 5% | 114.567 | 1.44%
|
$920,000 | 2021 | Serial | 2.125% | 102.421 | 1.64%
|
$18.15 million | 2021 | Serial | 5% | 116.782 | 1.64%
|
$1,075,000 | 2022 | Serial | 2.25% | 102.581 | 1.81%
|
$18.92 million | 2022 | Serial | 5% | 118.72 | 1.81%
|
$4.73 million | 2023 | Serial | 3% | 106.701 | 2.00%
|
$16.24 million | 2023 | Serial | 5% | 120.107 | 2.00%
|
$275,000 | 2024 | Serial | 2.2% | 100.148 | 2.18%
|
$21.65 million | 2024 | Serial | 5% | 121.145 | 2.18%
|
$765,000 | 2025 | Serial | 3% | 105.535 | 2.33%
|
$22,245,000 | 2025 | Serial | 5% | 122.062 | 2.33%
|
$525,000 | 2026 | Serial | 2.4% | 99.637 | 2.44%
|
$23.62 million | 2026 | Serial | 5% | 123.055 | 2.44%
|
$285,000 | 2027 | Serial | 3% | 103.026 | 2.66%
|
$25,055,000 | 2027 | Serial | 5% | 121.941 | 2.55%
|
$2.6 million | 2028 | Serial | 4% | 111.268 | 2.73%
|
$23,995,000 | 2028 | Serial | 5% | 121.138 | 2.63%
|
$1.79 million | 2029 | Serial | 3% | 100 | 3.00%
|
$8,185,000 | 2029 | Serial | 5% | 120.441 | 2.70%
|
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