On February 25, 2026, Siebert Williams Shank (“SWS”) served as Book-Running Senior Manager for the Pennsylvania Turnpike Commission’s (“PTC” or the “Commission”) $664 million Turnpike Revenue and Refunding Bonds, Series A of 2026 and First Series of 2026. This transaction marked the largest issuance under the Commission’s Turnpike Senior Revenue Bond credit in the past two decades. The new money portion will fund various capital projects outlined in PTC’s current 10-year capital plan, including roadway and roadbed reconstruction, bridge widening, replacement and redecking, and the rehabilitation of key interchanges. The refunding component included a balloon indebtedness maturity in 2033, structured to optimize pricing and maximize refunding savings.

Following an extensive pre-marketing period on the morning of February 25th, the PTC financing team decided to accelerate pricing by one day in response to strong market conditions and favorable investor feedback. At the end of the order period, the transaction garnered nearly $2.1 billion in total investor orders. SWS achieved yield improvements of up to 10 basis points on certain maturities, with spreads widening only on the 2033 maturities. Consequently, the Commission achieved the tightest long-end credit spreads in Turnpike Senior Revenue Bond history, resulting in an all-in true interest cost of 3.79%. For the refunding component, PTC achieved approximately $67 million in net present value savings, representing 15.3% of refunded par. To support execution and maintain order-book integrity, SWS committed to underwrite over $66 million in unsold balances.