By Aaron Hochman-Zimmerman
New York, Aug. 4 - The North Texas Tollway Authority priced $1.243 billion in series 2009A-B bonds (A2/A-/) on Tuesday, according to Sherita Coffelt, spokeswoman for the authority.
Series 2009A consisted of $418 million system first-tier tax-exempt current interest bonds, which priced at a true interest cost of 6.1878% and an average coupon of 6.1268%. The bonds carry serial maturities from 2010 to 2013 with term bonds due 2024, 2029 and 2039. Morgan Stanley & Co. Inc. acted as lead underwriter.
Series 2009B consisted of $825 million Build America Bonds, which priced at a true interest cost of 4.4188% and an average coupon of 4.366%. The bonds mature in 2049. Goldman, Sachs & Co. acted as lead underwriter.
Proceeds will be used for capital improvements to the Sam Rayburn Tollway and the George Bush Turnpike as well as for refunding outstanding debt.
The North Texas Tollway Authority is located in Dallas.
| Issuer: | North Texas Tollway Authority
|
| Total amount: | $1.243 billion
|
| Type: | Negotiated
|
| Pricing date: | Aug. 3
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
|
|
| Series 2009A
|
| Issue: | Series 2009A system first-tier tax-exempt current interest bonds
|
| Amount: | $418 million
|
| Maturity: | Serial bonds 2010 to 2013, term bonds 2024, 2029, 2039
|
| True interest cost: | 6.1878%
|
| Average coupon: | 6.1268%
|
| Underwriter: | Morgan Stanley & Co. Inc.
|
|
|
| Series 2009B
|
| Issue: | Series 2009B Build America Bonds
|
| Amount: | $825 million
|
| Maturity: | 2049
|
| True interest cost: | 4.4188%
|
| Average coupon: | 4.366%
|
| Underwriter: | Goldman, Sachs & Co.
|
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