Published on 5/25/2016 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Turnpike Commission prices $649.55 million refunding bonds
By Sheri Kasprzak
New York, May 25 – The Pennsylvania Turnpike Commission sold $649,545,000 of series 2016B subordinate revenue refunding bonds, said a pricing sheet. The deal was upsized from $545,135,000.
The bonds (A3//A-) were sold through PNC Capital Markets LLC.
The bonds are due 2021 to 2036 with a term bond due in 2039. The serial coupons range from 3% to 5% with yields from 1.57% to 3.28%. The 2039 bonds have a 5% coupon priced at 115.463 to yield 3.18%.
Proceeds will be used to refund existing turnpike debt.
| Issuer: | Pennsylvania Turnpike Commission
|
| Issue: | Series 2016B subordinate revenue refunding bonds
|
| Amount: | $649,545,000
|
| Type: | Negotiated
|
| Underwriter: | PNC Capital Markets LLC
|
| Ratings: | Moody’s: A3
|
| Fitch: A-
|
| Pricing date: | May 24
|
| Settlement date: | June 7
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11.93 million | 2021 | Serial | 5% | 116.379 | 1.57%
|
| $21,945,000 | 2022 | Serial | 5% | 118.385 | 1.75%
|
| $32,375,000 | 2023 | Serial | 5% | 120.111 | 1.91%
|
| $34.05 million | 2024 | Serial | 5% | 121.458 | 2.07%
|
| $19.26 million | 2025 | Serial | 5% | 122.66 | 2.25%
|
| $76.38 million | 2026 | Serial | 5% | 12.66 | 2.43%
|
| $44,875,000 | 2027 | Serial | 5% | 120.983 | 2.60%
|
| $48,805,000 | 2028 | Serial | 5% | 120.106 | 2.69%
|
| $67,865,000 | 2029 | Serial | 5% | 119.622 | 2.74%
|
| $10.1 million | 2031 | Serial | 3% | 98.926 | 3.09%
|
| $16,975,000 | 2032 | Serial | 3% | 98.622 | 3.11%
|
| $28,405,000 | 2033 | Serial | 4% | 106.613 | 3.22%
|
| $14 million | 2033 | Serial | 5% | 117.71 | 2.94%
|
| $50,285,000 | 2034 | Serial | 4% | 106.087 | 3.28%
|
| $52.53 million | 2035 | Serial | 5% | 116.673 | 3.05%
|
| $48,465,000 | 2036 | Serial | 5% | 116.206 | 3.10%
|
| $71.3 million | 2039 | Term | 5% | 115.463 | 3.18%
|
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