By Sheri Kasprzak
New York, Sept. 28 - Dallas Area Rapid Transit sold $825.09 million in series 2010B senior-lien sales tax revenue bonds on Tuesday, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through Bank of America Merrill Lynch with Loop Capital Markets LLC, M.R. Beal & Co. Inc., Siebert Brandford Shank & Co. LLC, RBC Capital Markets Corp. and Southwest Securities Inc. as the co-managers.
The sale included $95.7 million in series 2010A refunding bonds and $729.39 million in series 2010B Build America Bonds.
The refunding bonds are due 2013 to 2023 with 2% to 5% coupons. The full pricing details for the refunding bonds were not immediately available Tuesday afternoon.
The BABs are due 2041 and 2048. The 2041 bonds have a 4.922% coupon priced at par, and the 2048 bonds have a 5.022% coupon priced at par.
Proceeds will be used to finance the completion of DART's light rail project, as well as improvements to other ongoing projects.
| Issuer: | Dallas Area Rapid Transit
|
| Issue: | Series 2010B senior-lien sales tax revenue bonds
|
| Amount: | $825.09 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Loop Capital Markets LLC, M.R. Beal & Co. Inc., Siebert Brandford Shank & Co. LLC, RBC Capital Markets Corp. and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA+
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 7
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon
|
| 2013 | Serial | 2%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 2%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 3%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 4%
|
| 2017 | Serial | 3%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
| 2021 | Serial | 5%
|
| 2022 | Serial | 5%
|
| 2023 | Serial | 5%
|
|
|
| Series 2010B
|
| Amount | Maturity | Type | Coupon | Price
|
| $270.085 million | 2041 | Term | 4.922% | 100
|
| $459.305 million | 2048 | Term | 5.022% | 100
|
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