By Sheri Kasprzak
New York, Nov. 17 - The North Texas Tollway Authority priced $332.2 million of series 2010 system first-tier revenue refunding bonds on Wednesday, downsized from $490.81 million, said a pricing sheet.
The bonds (A2/A-/) were sold through Bank of America Merrill Lynch and Loop Capital Markets LLC with First Southwest Co. as the co-manager.
The bonds are due 2034, 2038 and 2043 with 6% coupons. The yields are 6%, 6.15% and 6.25%, respectively.
Proceeds will be used to refund the authority's series 1997A, 2008H-1, 2008J and 2008L-1 bonds.
Based in Dallas, the authority operates and maintains the toll roads of Collin, Denton, Dallas and Tarrant counties.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2010 system first-tier revenue refunding bonds
|
| Amount: | $332.2 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Loop Capital Markets LLC (lead); First Southwest Co. (co-manager)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 8
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2034 | Term | 6% | 6%
|
| 2038 | Term | 6% | 6.15%
|
| 2043 | Term | 6% | 6.25%
|
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