Published on 10/7/2015 in the Prospect News Municipals Daily.
New Issue: Texas Water Development Board prices $795.62 million revenue bonds
By Sheri Kasprzak
New York, Oct. 7 – The Texas Water Development Board sold $795,615,000 of series 2015 state water implementation revenue fund for Texas revenue bonds, according to a pricing sheet. The offering was downsized from $862,385,000.
The deal included $783.64 million of series 2015A bonds and $11,975,000 of series 2015B taxable bonds.
The 2015A bonds are due 2016 to 2035 with term bonds due in 2040, 2045 and 2050. The serial coupons range from 2% to 5%. The 2040 bonds have a 4% coupon priced at 114.679 and a 5% coupon priced at 102.811. The 2045 bonds have a 4% coupon priced at 114.04 and a 5% coupon priced at 102.224. The 2050 bonds have a 5% coupon priced at 101.228.
The 2015B bonds are due 2016 to 2025 with term bonds due in 2030, 2035 and 2050. The serial coupons range from 0.45% to 3.053%, all priced at par. The 2030 bonds have a 3.703% coupon, the 2035 bonds have a 4.248% coupon and the 2050 bonds have a 4.648% coupon, all priced at par.
The bonds (/AAA/AAA) were sold through senior manager Citigroup Global Markets Inc.
Proceeds will be used to provide funds to political subdivisions in Texas for water projects.
| Issuer: | Texas Water Development Board
|
| Issue: | Series 2015 state water implementation revenue fund for Texas revenue bonds
|
| Amount: | $795,615,000
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), BofA Merrill Lynch, Coastal Securities Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co., RBC Capital Markets LLC, Samco Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Oct. 7
|
| Settlement date: | Nov. 4
|
|
|
| $783.64 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,855,000 | 2016 | Serial | 2% | 101.674
|
| $8,015,000 | 2017 | Serial | 5% | 106.556
|
| $8,095,000 | 2017 | Serial | 5% | 108.505
|
| $8.26 million | 2018 | Serial | 4% | 107.866
|
| $8.34 million | 2018 | Serial | 4% | 109.088
|
| $8,635,000 | 2019 | Serial | 4% | 111.171
|
| $8,505,000 | 2019 | Serial | 5% | 113.557
|
| $8.85 million | 2020 | Serial | 4% | 111.952
|
| $8,985,000 | 2020 | Serial | 5% | 117.41
|
| $9,205,000 | 2021 | Serial | 5% | 118.528
|
| $9,395,000 | 2021 | Serial | 5% | 119.465
|
| $9.67 million | 2022 | Serial | 5% | 120.137
|
| $9.87 million | 2022 | Serial | 5% | 121.026
|
| $10.16 million | 2023 | Serial | 5% | 121.277
|
| $10,375,000 | 2023 | Serial | 5% | 122.023
|
| $9,985,000 | 2024 | Serial | 5% | 122.512
|
| $4,605,000 | 2024 | Serial | 5% | 123.175
|
| $11.31 million | 2025 | Serial | 5% | 123.862
|
| $5,165,000 | 2025 | Serial | 5% | 124.386
|
| $12,135,000 | 2026 | Serial | 5% | 123.482
|
| $5.9 million | 2026 | Serial | 5% | 123.083
|
| $12.71 million | 2027 | Serial | 5% | 122.289
|
| $6,355,000 | 2027 | Serial | 5% | 121.993
|
| $13.29 million | 2028 | Serial | 5% | 121.208
|
| $6.81 million | 2028 | Serial | 5% | 121.013
|
| $25,005,000 | 2029 | Serial | 5% | 120.138
|
| $26.35 million | 2030 | Serial | 5% | 119.271
|
| $26,725,000 | 2031 | Serial | 5% | 118.602
|
| $28,055,000 | 2032 | Serial | 4% | 105.806
|
| $19.25 million | 2033 | Serial | 4% | 105.372
|
| $10 million | 2033 | Serial | 5% | 117.465
|
| $30.49 million | 2034 | Serial | 4% | 104.94
|
| $31,775,000 | 2035 | Serial | 4% | 104.51
|
| $71,055,000 | 2040 | Term | 4% | 114.679
|
| $70 million | 2040 | Term | 5% | 102.811
|
| $107,185,000 | 2045 | Term | 4% | 114.04
|
| $70 million | 2045 | Term | 5% | 102.224
|
| $45.27 million | 2050 | Term | 4% | 101.228
|
|
|
| $11,975,000 series 2015B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $90,000 | 2016 | Serial | 0.45% | 100
|
| $100,000 | 2017 | Serial | 0.899% | 100
|
| $90,000 | 2017 | Serial | 0.949% | 100
|
| $190,000 | 2018 | Serial | 1.273% | 100
|
| $190,000 | 2019 | Serial | 1.688% | 100
|
| $200,000 | 2020 | Serial | 1.988% | 100
|
| $200,000 | 2021 | Serial | 2.283% | 100
|
| $210,000 | 2022 | Serial | 2.533% | 100
|
| $210,000 | 2023 | Serial | 2.703% | 100
|
| $105,000 | 2024 | Serial | 2.853% | 100
|
| $140,000 | 2025 | Serial | 3.053% | 100
|
| $1,145,000 | 2030 | Term | 3.703% | 100
|
| $1,915,000 | 2035 | Term | 4.248% | 100
|
| $7.19 million | 2050 | Term | 4.648% | 100
|
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