Published on 8/3/2016 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Turnpike brings $313.99 million of revenue refunding bonds
By Sheri Kasprzak
New York, Aug. 3 – The Pennsylvania Turnpike Commission sold $313.99 million of series 2016 oil franchise tax revenue refunding bonds, according to a pricing sheet.
The bonds were sold through senior manager Siebert Brandford Shank & Co. LLC.
The deal included $198,595,000 of series 2016A senior bonds (Aa3/AA) and $115,395,000 of series 2016B subordinate bonds (A2/A+).
The 2016A bonds are due 2017 to 2032 with 4% to 5% coupons and yields from 0.63% to 2.23%. The 2016B bonds are due 2017 to 2023 and 2026 to 2032 with coupons from 4% to 5% and yields from 0.85% to 2.47%.
Proceeds will be used to refund commission’s series 2003C, 2006B and 2009A-2 revenue bonds.
| Issuer: | Pennsylvania Turnpike Commission
|
| Issue: | Series 2016 oil franchise tax revenue refunding bonds
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| Amount: | $313.99 million
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| Type: | Negotiated
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| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Stifel, Nicolaus & Co. LLC, Quoin Capital and Drexel Hamilton LLC (co-managers)
|
| Pricing date: | Aug. 3
|
| Settlement date: | Sept. 7
|
|
|
| $198,595,000 series 2016A senior bonds (Aa3/AA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,795,000 | 2017 | Serial | 4% | 104.132 | 0.63%
|
| $9.16 million | 2018 | Serial | 4% | 107.299 | 0.70%
|
| $9,535,000 | 2019 | Serial | 5% | 113.275 | 0.83%
|
| $3,315,000 | 2020 | Serial | 5% | 116.673 | 0.97%
|
| $3,485,000 | 2021 | Serial | 5% | 119.441 | 1.16%
|
| $11,625,000 | 2022 | Serial | 5% | 121.815 | 1.34%
|
| $12,225,000 | 2023 | Serial | 5% | 124.059 | 1.48%
|
| $3,525,000 | 2024 | Serial | 5% | 125.951 | 1.62%
|
| $14.79 million | 2025 | Serial | 5% | 127.791 | 1.73%
|
| $15,395,000 | 2026 | Serial | 5% | 129.241 | 1.85%
|
| $16.05 million | 2027 | Serial | 5% | 128.167 | 1.95%
|
| $16,695,000 | 2028 | Serial | 5% | 127.21 | 2.04%
|
| $17.39 million | 2029 | Serial | 5% | 126.576 | 2.10%
|
| $18,125,000 | 2030 | Serial | 5% | 126.26 | 2.13%
|
| $18,855,000 | 2031 | Serial | 5% | 125.737 | 2.18%
|
| $19.63 million | 2032 | Serial | 5% | 125.216 | 2.23%
|
|
|
| $115,395,000 series 2016B subordinate bonds (A2/A+)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $6,205,000 | 2017 | Serial | 4% | 103.855 | 0.85%
|
| $6,465,000 | 2018 | Serial | 5% | 109.16 | 0.85%
|
| $6.8 million | 2019 | Serial | 5% | 112.693 | 1.00%
|
| $1.46 million | 2020 | Serial | 5% | 115.771 | 1.17%
|
| $1,535,000 | 2021 | Serial | 5% | 118.491 | 1.33%
|
| $8,325,000 | 2022 | Serial | 5% | 120.619 | 1.52%
|
| $8,755,000 | 2023 | Serial | 5% | 122.597 | 1.67%
|
| $6 million | 2026 | Serial | 5% | 126.998 | 2.06%
|
| $6.31 million | 2027 | Serial | 5% | 125.841 | 2.17%
|
| $11.42 million | 2028 | Serial | 5% | 124.904 | 2.26%
|
| $11.99 million | 2029 | Serial | 5% | 124.181 | 2.33%
|
| $12.58 million | 2030 | Serial | 5% | 123.77 | 2.37%
|
| $13.21 million | 2031 | Serial | 5% | 123.259 | 2.42%
|
| $14.34 million | 2032 | Serial | 5% | 122.75 | 2.47%
|
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