Published on 7/25/2012 in the Prospect News Municipals Daily.
New Issue: Fort Bend Grand Parkway, Texas, brings $155.09 million of revenue bonds
By Sheri Kasprzak
New York, July 25 - The Fort Bend Grand Parkway Toll Road Authority of Texas sold $155,085,000 of series 2012 limited contract tax and subordinate lien toll road revenue bonds, according to a pricing sheet.
The bonds (//AA+) were sold through Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-managers were Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC and Raymond James/Morgan Keegan.
The bonds are due 2021 to 2032 with term bonds due in 2037, 2042 and 2046. The serial coupons range from 3% to 5%. The 2037 bonds have a 5% coupon priced at 115.476 and the 2042 bonds have a 5% coupon priced at 115.031. The 2046 bonds have a 4% coupon priced at 100.788.
Proceeds will be used to finance the construction, design, acquisition and development of toll overpasses on the parkway and the reconstruction of the existing roadway from U.S. Highway 59 to and including the intersection at Farm to Market Road 1093, as well as to pay 36 months of capitalized interest.
| Issuer: | Fort Bend Grand Parkway Toll Road Authority
|
| Issue: | Series 2012 limited contract tax and subordinate lien toll road revenue bonds
|
| Amount: | $155,085,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC and Raymond James/Morgan Keegan (co-managers)
|
| Ratings: | Fitch: AA+
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 22
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.23 million | 2021 | Serial | 5% | 124.558
|
| $2.46 million | 2022 | Serial | 5% | 125.604
|
| $3,575,000 | 2023 | Serial | 5% | 124.136
|
| $3.75 million | 2024 | Serial | 5% | 123.072
|
| $3.93 million | 2025 | Serial | 5% | 122.21
|
| $4,125,000 | 2026 | Serial | 5% | 121.45
|
| $4,325,000 | 2027 | Serial | 5% | 120.789
|
| $4,535,000 | 2028 | Serial | 5% | 120.039
|
| $4.71 million | 2029 | Serial | 3% | 99.097
|
| $4.89 million | 2030 | Serial | 5% | 118.648
|
| $5.08 million | 2031 | Serial | 3% | 97.494
|
| $5,275,000 | 2032 | Serial | 5% | 117.367
|
| $30,525,000 | 2037 | Term | 5% | 115.476
|
| $38.85 million | 2042 | Term | 5% | 115.031
|
| $37,825,000 | 2046 | Term | 4% | 100.788
|
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