By Sheri Kasprzak
New York, March 31 - The North Texas Tollway Authority System priced on March 17 $2.427 billion in series 2008 revenue refunding bonds, an official statement released Monday said.
The offering includes $1,770,285,000 in series 2008A current interest bonds, $237.935 million in series 2008B current interest bonds, $19.37 million in series 2008C current interest bonds and $399,999,394 in series 2008D capital appreciation bonds.
The series 2008A bonds are due 2009 to 2025 with term bonds due 2028, 2033, 2040 and 2048.
The coupons on the serial bonds range from 5% to 6%, and the yields range from 3% to 5.62%.
The coupon on the 2028 bonds have a 5.125% coupon and a 5.33% yield; the 2033 bonds have a 5.625% coupon and a 5.79% yield; and the 2040 bonds have a 5.75% coupon and a 5.87% yield. The 2048 bonds have a 5.75% coupon and a 6% yield.
The series 2008B bonds are due 2009 to 2028 with term bonds due 2033 and 2040.
The coupons on the serial bonds range from 4% to 6% and yields range from 3.25% to 5.74%.
The 2033 bonds have a 5.625% coupon and a 5.79% yield, and the 2040 bonds have a 5.75% coupon and a 5.87% yield.
The 2008C bonds are due from 2009 to 2010 with coupons and yields from 4% to 4.25%, both priced at par.
The 2008D bonds are due 2028 to 2038 with coupons from 5.9% to 5.97%, priced at par.
The bonds (Aa3/AA-/AA) were sold on a negotiated basis through Citigroup Global Markets; Bear, Stearns & Co.; Lehman Brothers; Estrada Hinojosa & Co.; First Southwest Securities; Morgan Keegan & Co.; M.R. Beal & Co.; Southwest Securities; and Wachovia Bank.
Proceeds from the deal will be used to refund the authority's series 2007 bond anticipation notes, the Dallas North Tollway System's series 2003C revenue refunding bonds, the Dallas North Tollway System's series 2005 variable-rate revenue bonds; and to fund a debt service reserve fund.
| Issuer: | North Texas Tollway Authority System
|
| Issue: | Series 2008 revenue refunding bonds
|
| Amount: | $2,427,049,349
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets; Bear, Stearns & Co.; Lehman Brothers; Estrada Hinojosa & Co.; First Southwest Securities; Morgan Keegan & Co.; M.R. Beal & Co.; Southwest Securities; Wachovia Bank
|
| Ratings: | Moody's: Aa3
|
| Standard & Poor's: AA-
|
| Fitch: AA
|
| Pricing date: | March 17
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 3.00%
|
| 2010 | Serial | 4.5% | 3.22%
|
| 2011 | Serial | 5% | 3.47%
|
| 2012 | Serial | 5% | 3.72%
|
| 2013 | Serial | 4% | 3.82%
|
| 2015 | Serial | 4.25% | 4.32%
|
| 2016 | Serial | 4.5% | 4.50%
|
| 2017 | Serial | 5.5% | 4.63%
|
| 2018 | Serial | 5.5% | 4.79%
|
| 2019 | Serial | 6% | 4.95%
|
| 2020 | Serial | 6% | 5.10%
|
| 2021 | Serial | 6% | 5.22%
|
| 2022 | Serial | 6% | 5.35%
|
| 2023 | Serial | 6% | 5.46%
|
| 2024 | Serial | 6% | 5.55%
|
| 2025 | Serial | 6% | 5.62%
|
| 2028 | Term | 5.125% | 5.33%
|
| 2033 | Term | 5.625% | 5.79%
|
| 2040 | Term | 5.75% | 5.87%
|
| 2048 | Term | 5.75% | 6.00%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4.5% | 3.25%
|
| 2010 | Serial | 4.55% | 3.22%
|
| 2011 | Serial | 4% | 3.47%
|
| 2016 | Serial | 4.5% | 4.50%
|
| 2017 | Serial | 4.625% | 4.63%
|
| 2018 | Serial | 4.75% | 4.79%
|
| 2019 | Serial | 4.75% | 4.95%
|
| 2020 | Serial | 5% | 5.10%
|
| 2021 | Serial | 5.125% | 5.22%
|
| 2022 | Serial | 5.25% | 5.35%
|
| 2023 | Serial | 5.25% | 5.46%
|
| 2024 | Serial | 5.375% | 5.55%
|
| 2025 | Serial | 6% | 5.62%
|
| 2026 | Serial | 6% | 5.66%
|
| 2027 | Serial | 6% | 5.67%
|
| 2028 | Serial | 5.625% | 5.74%
|
| 2033 | Term | 5.625% | 5.79%
|
| 2040 | Term | 5.75% | 5.87%
|
|
|
| Series 2008C bonds
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 4.00%
|
| 2010 | Serial | 4.25% | 4.25%
|
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