Pennsylvania Turnpike offers $314.28 million revenue refunding bonds

By Sheri Kasprzak

New York, July 28 – The Pennsylvania Turnpike Commission is set to price $314,275,000 of series 2016 oil franchise tax revenue refunding bonds, according to a preliminary official statement.

The deal includes $199,185,000 of series 2016A senior bonds (Aa3/AA) and $115.09 million of series 2016B subordinate bonds (A2/A+).

The 2016A bonds are due 2017 to 2032. The 2016B bonds are due 2017 to 2032.

The bonds will be sold on a negotiated basis with Siebert Brandford Shank & Co. LLC as the senior manager. The co-managers are Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Stifel, Nicolaus & Co. LLC, Quoin Capital and Drexel Hamilton LLC.

Proceeds will be used to refund the commission’s series 2003C, 2006B and 2009A-2 revenue bonds.

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