North Texas Tollway Authority to sell $1.17 billion in revenue bonds

By Sheri Kasprzak

New York, July 23 - The North Texas Tollway Authority plans to price $1,171,320,000 in series 2009 system revenue bonds, according to a preliminary official statement.

The sale includes $360.925 million in series 2009A first-tier tax-exempt current interest bonds and $810.395 million in series 2009B first-tier taxable current interest Build America Bonds.

The bonds (A2/A-/) will be sold on a negotiated basis. Morgan Stanley & Co. Inc. is the bookrunner for the 2009A bonds, while Goldman, Sachs & Co. is the bookrunner for the 2009B bonds.

The 2009A bonds are due 2010 to 2013 with term bonds due 2024, 2029 and 2039. The 2009B bonds are due 2049.

Proceeds will be used to refund existing debt, as well as to construct and improve portions of the tollway system.

The North Texas Tollway Authority is based in Plano, Texas.

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