By Sheri Kasprzak
New York, Nov. 4 - The North Texas Tollway Authority priced $425 million in series 2008K and 2008L system revenue refunding bonds, according to an official statement released Tuesday.
The bonds were sold through senior manager Citigroup Global Markets. The co-managers are Barclays Capital, Estrada Hinojosa & Co., First Southwest, Morgan Keegan & Co., M.R. Beal & Co., Southwest Securities and Wachovia Bank.
The sale included $205 million in series 2008K first-tier current interest bonds and $220 million in series 2008L first-tier put bonds.
The 2008K-1 bonds (Aaa/AAA/) have a 5.75% coupon to yield 6%, and the series 2008K-2 bonds (A2/A-/) have a 6% coupon to yield 6.45%.
The 2008L-1 bonds (A2/A-/) were priced at par with a 5.5% coupon. The 2008L-2 bonds (A2/A-/), which also priced at par, have a 6% coupon.
All series of bonds are due Jan. 1, 2038.
Proceeds will be used to refund the authority's series 2007 bond anticipation notes and to fund the development and construction of highway projects.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2008K and 2008L system revenue refunding bonds
|
| Amount: | $425 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets (lead), Barclays Capital, Estrada Hinojosa & Co., First Southwest, Morgan Keegan & Co., M.R. Beal & Co., Southwest Securities and Wachovia Bank
|
| Ratings: | Moody's: A2 (for 2008K-2 and 2008L bonds)/Aaa (for 2008K-1 bonds)
|
| Standard & Poor's: A- (for 2008K-2 and 2008L bonds)/AAA (for 2008K-1 bonds)
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 4
|
|
|
| 2008K-1
|
| Maturity | Type | Coupon | Yield
|
| 2038 | Term | 5.75% | 6%
|
|
|
| 2008K-2
|
| Maturity | Type | Coupon | Yield
|
| 2038 | Term | 6% | 6.45%
|
|
|
| 2008L-1
|
| Maturity | Type | Coupon | Yield
|
| 2038 | Term | 5.5% | 5.5%
|
|
|
| 2008L-2
|
| Maturity | Type | Coupon | Yield
|
| 2038 | Term | 6% | 6%
|
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