By Sheri Kasprzak
New York, Sept. 10 - The North Texas Tollway Authority priced $295.165 million in series 2008 system revenue refunding bonds Tuesday, said Susan Slupecki, spokeswoman for the authority, on Wednesday.
The sale is part of a much larger, $609.036 million offering of the bonds. The pricing date has not been set for the remainder of the bonds.
The bonds sold Tuesday include $190.745 million in insured bonds and $104.42 million in uninsured bonds.
The insured bonds are due 2041 and 2042 with a 6.2% coupon, priced at par.
The uninsured bonds are due 2043 and have a 6.5% coupon, also priced at par.
The bonds will be sold through lead managers Citigroup Global Markets and Lehman Brothers. The co-managers are Estrada Hinojosa, First Southwest, Morgan Stanley & Co. Inc., M.R. Beal & Co., Southwest Securities and Wachovia Bank.
Proceeds will be used for the construction of State Highway 121.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2008 system revenue refunding bonds
|
| Amount: | $295.165 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets and Lehman Brothers (lead), Estrada Hinojosa, First Southwest, Morgan Stanley & Co. Inc., M.R. Beal & Co., Southwest Securities and Wachovia Bank (co-managers)
|
| Pricing date: | Sept. 9
|
|
|
| Maturity | Type | Coupon | Price
|
| 2041 | Term | 6.2% | Par
|
| 2042 | Term | 6.2% | Par
|
| 2043 | Term | 6.5% | Par
|
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