By Sheri Kasprzak
New York, Dec. 17 – The Bay Area Toll Authority of California priced $811,435,000 of series 2014 San Francisco Bay Area toll bridge revenue bonds, said a pricing sheet.
The bonds were sold through BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The deal included $143.73 million of series 2014D term rate bonds, $143,675,000 of series 2014E term rate bonds, $80,335,000 of series 2014F-2 fixed-rate bonds, $71,865,000 of series 2014G index rate bonds, $71.83 million of series 2014H index rate bonds, $25 million of series 2014S-5 subordinated bonds and $275 million of series 2014S-6 bonds.
The 2014D bonds are due April 1, 2034 and have a 1.875% coupon priced at 100.112 to yield 1.85%.
The 2014E bonds are due April 1, 2034 and have a 2% coupon priced at 99.588 to yield 2.07%.
The 2014F-2 bonds are due 2019 to 2021 with 3% to 4% coupons and yields from 1.15% to 1.68%.
The 2014G bonds are due April 1, 2034 and bear interest at the Sifma index rate plus 60 bps priced at par.
The 2014H bonds are due April 1, 2034 and bear interest at the Sifma index rate plus 70 bps priced at par.
The 2014S-5 bonds are due Oct. 1, 2054 and bear interest at 2.5% priced at par.
The 2014S-6 bonds are due Oct. 1, 2054 bear interest at 5% coupon priced at 110.586 to yield 3.70%.
Proceeds will be used to finance capital projects and refund all or a portion of the authority’s series 2009F-1 bonds.
| Issuer: | Bay Area Toll Authority
|
| Issue: | Series 2014 San Francisco Bay Area toll bridge revenue bonds
|
| Amount: | $811,435,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Barclays and Goldman, Sachs & Co. (co-managers)
|
| Ratings: | Moody’s: Aa3 (for 2014D-H), A1 (for 2014S)
|
| Standard & Poor’s: AA (for 2014D-H), A+ (for 2014S)
|
| Fitch: AA- (for 2014D-H)
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 18
|
|
|
| $143.73 million series 2014D term rate bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| April 1, 2034 | Term | 1.875% | 100.112 | 1.85%
|
|
|
| $143,675,000 series 2014E term rate bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| April 1, 2034 | Term | 2% | 99.588 | 2.07%
|
|
|
| $80,335,000 series 2014F-2 fixed-rate bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5,615,000 | 2019 | Serial | 3% | 107.714 | 1.15%
|
| $38.54 million | 2020 | Serial | 4% | 113.037 | 1.43%
|
| $36.18 million | 2021 | Serial | 4% | 113.783 | 1.68%
|
|
|
| $71,865,000 series 2014G index rate bonds
|
| Maturity | Type | Coupon | Price
|
| April 1, 2034 | Term | Sifma index rate plus 60 bps | 100
|
|
|
| $71.83 million series 2014H index rate bonds
|
| Maturity | Type | Coupon | Price
|
| April 1, 2034 | Term | Sifma index rate plus 70 bps | 100
|
|
|
| $25 million series 2014S-5 subordinated bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2054 | Term | 2.5% | 100
|
|
|
| $275 million series 2014S-6 subordinated bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2054 | Term | 5% | 110.586 | 3.70%
|
|
|
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