Published on 6/25/2015 in the Prospect News Municipals Daily.
New Issue: Alaska Railroad brings $97.92 million of capital grant receipts bonds
By Sheri Kasprzak
New York, June 25 – Alaska Railroad Corp. sold $97,915,000 of series 2015 capital grant receipts refunding bonds, according to a pricing sheet.
The bonds (A3/A/) were sold through Citigroup Global Markets Inc.
The deal included $63.22 million of series 2015A bonds and $34,695,000 of series 2015B bonds.
The 2015A bonds are due 2017 to 2021 with 5% coupons and yield from 1.19% to 2.52%.
The 2015B bonds are due 2017 to 2023 with 4% to 5% coupons and 1.19% to 2.87% yields.
Proceeds will be used to refund the corporation’s series 2006 and 2007 refunding bonds.
Headquartered in Anchorage, the railroad connects Seward and Whittier in the southern part of the state to Fairbanks.
| Issuer: | Alaska Railroad Corp.
|
| Issue: | Series 2015 capital grant receipts refunding bonds
|
| Amount: | $97,915,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead) and Wells Fargo Securities LLC (co-manager)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A
|
| Pricing date: | June 24
|
| Settlement date: | July 15
|
|
|
| $63.22 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,455,000 | 2017 | Serial | 5% | 107.672 | 1.19%
|
| $13.4 million | 2018 | Serial | 5% | 110.094 | 1.59%
|
| $14,075,000 | 2019 | Serial | 5% | 112.095 | 1.88%
|
| $14,775,000 | 2020 | Serial | 5% | 113.196 | 2.22%
|
| $15,515,000 | 2021 | Serial | 5% | 113.822 | 2.52%
|
|
|
| $34,695,000 series 2015B bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $165,000 | 2017 | Serial | 4% | 105.658 | 1.19%
|
| $175,000 | 2018 | Serial | 4% | 107.134 | 1.59%
|
| $175,000 | 2019 | Serial | 4% | 108.218 | 1.88%
|
| $185,000 | 2020 | Serial | 4% | 108.449 | 2.22%
|
| $190,000 | 2021 | Serial | 4% | 108.248 | 2.52%
|
| $16.49 million | 2022 | Serial | 5% | 114.525 | 2.72%
|
| $17,315,000 | 2023 | Serial | 5% | 115.202 | 2.87%
|
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|
|
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