By Sheri Kasprzak
New York, March 12 - Triborough Bridge and Tunnel Authority priced an upsized $1 billion offering of general revenue bonds on Wednesday, a source at the issuer said. The authority originally planned to sell $750 million in bonds.
"These are completely unofficial numbers," she noted. "We may tweak things here and there."
The 2023 maturity has a 4.5% coupon and a 4.6% yield; the 2028 coupon has a 4.875% coupon and a 4.95% yield; and the 2033 maturity has a 5% coupon and a 5.09% yield.
The source said data for the serial bonds was not immediately available.
The bonds (Aa2/AA-) have a serial component due from 2009 to 2029. That information will be available later this week, the source noted.
The bonds were sold on a negotiated basis with Lehman Brothers, UBS Investment Bank and Goldman, Sachs & Co. as the lead managers. The co-managers are Citigroup Global Markets, J.P. Morgan Securities Inc., Banc of America Securities LLC, Depfa First Albany Securities, Loop Capital Markets, Merrill Lynch & Co., M.R. Beal & Co., Ramirez & Co., Raymond James & Associates, RBC Capital Markets, Roosevelt & Cross, Siebert Brandford Shank & Co. and Wachovia Bank.
The proceeds will be used for bridge and tunnel projects, as well as commuter and transit projects.
| Issuer: | Triborough Bridge and Tunnel Authority
|
| Issue: | General revenue bonds
|
| Amount: | $1 billion
|
| Type: | Negotiated
|
| Maturities: | 2023, 2028, 2033
|
| Coupons: | 4.5% to 5%
|
| Yields: | 4.6% to 5.09%
|
| Underwriters: | Lehman Brothers, UBS Investment Bank and Goldman, Sachs & Co. (lead); Citigroup Global Markets, J.P. Morgan Securities Inc., Banc of America Securities LLC, Depfa First Albany Securities, Loop Capital Markets, Merrill Lynch & Co., M.R. Beal & Co., Ramirez & Co., Raymond James & Associates, RBC Capital Markets, Roosevelt & Cross, Siebert Brandford Shank & Co. and Wachovia Bank
|
| Pricing date: | March 12
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA-
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2023 | Term | 4.5% | 4.6%
|
| 2028 | Term | 4.875% | 4.95%
|
| 2033 | Term | 5% | 5.09%
|
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