Tampa, Oct. 12, 2020 (GLOBE NEWSWIRE) -- Tampa, FL.  -  The Tampa Hillsborough Expressway Authority (THEA) is pleased to announce that Moody’s Investors Service (Moody’s) assigned an A2 rating to THEA’s $20.1 million Revenue Bonds, Series 2020A, and $202.2 million Taxable Refunding Revenue Bonds, Series 2020B. Concurrently, Moody's affirmed THEA's outstanding A2 revenue bond ratings and confirmed that THEA’s financial outlook is stable.

“Both bond issuances show the strength of THEA’s financial condition,” said Vince Cassidy, Chairman of THEA’s Board of Directors. “These transactions demonstrate the high level of confidence investors have with THEA’s cash flow, our 6-year work program, its leadership team, and our community. We look forward to continuing THEA’s vital work to provide safe, reliable, and efficient transportation solutions for the Tampa Bay Area.” 

The combined new money financing and taxable advance refunding transaction generated $25 million of proceeds to advance capital projects while still lowering THEA’s annual debt service by $1.2 million for the next 15 years.  The Series 2020A Bonds, worth $20.16 million, will finance capital improvements to the expressway system, while Series 2020B Bonds will refund all or portion of the outstanding Refunding Revenue Bonds, Series 2012A.

The completed bond sales will allow for additional revenues to be spent on THEA’s 6-year work program whose goal is to invest over half a billion dollars in the Tampa Bay Area. Major components of the work program include the completion of major projects such as the Selmon West Extension and the South Selmon Safety Project, technology upgrades to the Selmon System to leverage the infrastructure of the THEA CV Pilot Deployment Program and to continue the Project Development and Environment Studies for both the eastern and southern portions of the Selmon Expressway that will evaluate future capacity needs. 

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ABOUT THEA:

The Tampa Hillsborough Expressway Authority (THEA) is a public agency of the state, created by the Florida Legislature, to provide local, user-financed transportation services that reinvest customer-based revenues back into the Tampa Bay community. THEA owns and operates the Lee Roy Selmon Expressway, Brandon Parkway, Meridian Avenue, and the Selmon Greenway; designed and operates the world’s first reversible all-electronic toll road; and provides over 100,000 daily travelers with safe, reliable, and financially sustainable transportation solutions.  For more information on how THEA is moving transportation forward, visit www.tampa-xway.com.

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Web: https://www.tampa-xway.com/

 

Sue Chrzan
Tampa Hillsborough Expressway Authority
813-272-6740, Ext. 130
sue@tampa-xway.com