North Texas Tollway Authority plans to price $2.315 billion refunding bonds March 6

By Cristal Cody

Springdale, Ark., Feb. 28 - The North Texas Tollway Authority plans to price $2.315 billion of revenue refunding bonds on March 6, a sales source said Thursday.

The bonds will price as:

• Series 2008A bonds of $1.413 billion first tier current interest bonds

• Series 2008B $233.2 million first tier current interest bonds

• Series 2008C $19.115 million first tier taxable current interest bonds

• Series 2008D $150 million first tier insured capital appreciation bonds

• Series 2008E $500 million first tier put bonds

The bonds carry an A2/A- rating, except series 2008D, which is expected to be rated Aaa/AAA. Series 2008D bonds are insured by Assured Guaranty.

Lead underwriters are Bear, Stearns & Co., Citi and Lehman Brothers.

Proceeds will be used to refund portions of the authority's series 2007 bond appreciation notes; series 1997 and series 1997A revenue refunding bonds; series 2003C refunding bonds; series 2005A revenue bonds; and series 2005B variable-rate revenue bonds.

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