Pennsylvania Turnpike preps $95.46 million revenue bond offering

By Sheri Kasprzak

New York, April 15 - The Pennsylvania Turnpike Commission is set to price $95.46 million of series 2013A motor license fund enhanced turnpike subordinated special revenue bonds Tuesday, according to a sales calendar.

The bonds (A1/A-/AA) will be sold through Piper Jaffray & Co.

Proceeds will be used to make payments to the Pennsylvania Department of Transportation to fulfill a portion of its commitments under Pennsylvania's Act 44 transportation statute, which funds transit capital projects and provides transit operating subsidies.

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