Published on 9/30/2015 in the Prospect News Municipals Daily.
New Issue: Kentucky Asset/Liability brings $106.85 million federal highway notes
By Sheri Kasprzak
New York, Sept. 30 – The Kentucky Asset/Liability Commission sold $106.85 million of series 2015A federal highway trust fund project notes, according to a pricing sheet.
The notes (A2/AA/A+) were sold through Citigroup Global Markets Inc.
The notes are due 2016 to 2027 with 2% to 5% coupons and 0.45% to 2.96% yields.
Proceeds will be used to finance the construction and improvement of U.S. Highway 68/Kentucky Highway 80 from Aurora to Cadiz.
| Issuer: | Kentucky Asset/Liability Commission
|
| Issue: | Series 2015A federal highway trust fund project notes
|
| Amount: | $106.85 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Goldman, Sachs & Co., Fifth Third Securities Inc., First Kentucky Securities Corp., FTN Financial Capital Markets, J.J.B. Hilliard, W.L. Lyons LLC, PNC Capital Markets LLC, Raymond James/Morgan and Ross, Sinclaire & Associates LLC (co-managers)
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: AA
|
| Fitch: A+
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 15
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,145,000 | 2016 | Serial | 2% | 101.356 | 0.45%
|
| $2 million | 2017 | Serial | 3% | 103.919 | 0.89%
|
| $5,195,000 | 2017 | Serial | 5% | 107.635 | 0.89%
|
| $2 million | 2018 | Serial | 3% | 105.133 | 1.18%
|
| $5,515,000 | 2018 | Serial | 5% | 110.775 | 1.18%
|
| $2 million | 2019 | Serial | 3% | 105.706 | 1.48%
|
| $5.85 million | 2019 | Serial | 5% | 113.216 | 1.48%
|
| $2 million | 2020 | Serial | 3% | 105.674 | 1.78%
|
| $6,205,000 | 2020 | Serial | 5% | 114.978 | 1.78%
|
| $2 million | 2021 | Serial | 3% | 105.347 | 2.03%
|
| $6,575,000 | 2021 | Serial | 5% | 116.375 | 2.03%
|
| $2 million | 2022 | Serial | 3% | 104.687 | 2.26%
|
| $6,965,000 | 2022 | Serial | 5% | 117.36 | 2.26%
|
| $2 million | 2023 | Serial | 3% | 103.989 | 2.44%
|
| $7.37 million | 2023 | Serial | 5% | 118.243 | 2.44%
|
| $2 million | 2024 | Serial | 3% | 103.311 | 2.58%
|
| $7.8 million | 2024 | Serial | 5% | 119.089 | 2.58%
|
| $2 million | 2025 | Serial | 3% | 102.496 | 2.71%
|
| $8.25 million | 2025 | Serial | 5% | 119.726 | 2.71%
|
| $10.72 million | 2026 | Serial | 5% | 118.298 | 2.86%
|
| $11.26 million | 2027 | Serial | 5% | 117.358 | 2.96%
|
|
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