By Sheri Kasprzak
New York, April 21 - The Turnpike Authority of Kentucky priced $153.305 million in series 2009 economic road revenue bonds, according to an official statement.
The bonds (Aa3/AA+/AA-) were sold Thursday through lead manager Goldman, Sachs & Co. The co-managers were J.J.B. Hilliard, W.L. Lyons LLC; NatCity Investments Inc.; Morgan Keegan & Co. Inc.; J.P. Morgan Securities Inc.; Wachovia Bank; Edward D. Jones & Co.; First Kentucky Securities Corp.; and Ross, Sinclaire & Associates.
The bonds are due 2011 to 2027 with a term bond due 2029. The serials have coupons from 2.5% to 5% and yields from 1.42% to 4.85%. The 2029 bonds have a 5% coupon to yield 4.98%.
The proceeds will be used to pay a portion of costs related to public highway projects and to refund the authority's existing series 2007 bonds.
Issuer: | Turnpike Authority of Kentucky
|
Issue: | Series 2009 economic road revenue bonds
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Amount: | $153.305 million
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Type: | Negotiated
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Underwriters: | Goldman, Sachs & Co. (lead); J.J.B. Hilliard, W.L. Lyons LLC; NatCity Investments Inc.; Morgan Keegan & Co. Inc.; J.P. Morgan Securities Inc.; Wachovia Bank; Edward D. Jones & Co.; First Kentucky Securities Corp.; and Ross, Sinclaire & Associates
|
Ratings: | Moody's:Aa3
|
| Standard & Poor's: AA+
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| Fitch: AA-
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Pricing date: | April 16
|
Settlement date: | April 28
|
|
Maturity | Type | Coupon | Yield
|
2011 | Serial | 2.5% | 1.42%
|
2011 | Serial | 3% | 1.42%
|
2011 | Serial | 5% | 1.42%
|
2012 | Serial | 2.5% | 1.70%
|
2012 | Serial | 5% | 1.70%
|
2013 | Serial | 2.5% | 2.17%
|
2013 | Serial | 4% | 2.17%
|
2013 | Serial | 5% | 2.17%
|
2014 | Serial | 2.5% | 2.55%
|
2014 | Serial | 4% | 2.55%
|
2015 | Serial | 2.75% | 2.79%
|
2015 | Serial | 5% | 2.79%
|
2016 | Serial | 3% | 3.03%
|
2016 | Serial | 5% | 3.03%
|
2017 | Serial | 3.25% | 3.26%
|
2017 | Serial | 5% | 3.26%
|
2018 | Serial | 3.5% | 3.50%
|
2018 | Serial | 5% | 3.50%
|
2019 | Serial | 3.7% | 3.73%
|
2019 | Serial | 5% | 3.73%
|
2020 | Serial | 5% | 3.94%
|
2021 | Serial | 4.125% | 4.125%
|
2021 | Serial | 5% | 4.10%
|
2022 | Serial | 4.25% | 4.27%
|
2022 | Serial | 5% | 4.24%
|
2023 | Serial | 4.375% | 4.40%
|
2023 | Serial | 5% | 4.38%
|
2024 | Serial | 4.5% | 4.54%
|
2024 | Serial | 5% | 4.52%
|
2025 | Serial | 4.625% | 4.68%
|
2025 | Serial | 5% | 4.66%
|
2026 | Serial | 4.75% | 4.78%
|
2026 | Serial | 5% | 4.76%
|
2027 | Serial | 4.875% | 4.875%
|
2027 | Serial | 5% | 4.85%
|
2029 | Term | 5% | 4.98%
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