By Sheri Kasprzak
New York, Nov. 15 - The North Texas Tollway Authority priced $266.28 million of series 2011B system first tier revenue refunding bonds, according to a pricing sheet.
The bonds (A2/A-/) were sold through senior manager Siebert Brandford Shank & Co. LLC. The co-managers were Morgan Stanley & Co. LLC, Estrada Hinojosa & Co. Inc. and First Southwest Co.
The bonds are due 2019 to 2026 with a term bond due in 2038. The bonds have 5% coupons across the board. The 2038 bonds have a 5% coupon priced at 98.278.
Proceeds will be used to refund the authority's series 1997A, 1998, 2003A and 2008E-2 revenue bonds.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2011B system first tier revenue refunding bonds
|
| Amount: | $266.28 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC (lead), Morgan Stanley & Co. LLC, Estrada Hinojosa & Co. Inc. and First Southwest Co. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 29
|
|
|
| Maturity | Type | Coupon | Price
|
| 2019 | Serial | 5% | 112.547
|
| 2020 | Serial | 5% | 111.979
|
| 2021 | Serial | 5% | 111259
|
| 2022 | Serial | 5% | 110.593
|
| 2023 | Serial | 5% | 109.917
|
| 2024 | Serial | 5% | 108.707
|
| 2025 | Serial | 5% | 107.05
|
| 2026 | Serial | 5% | 106.138
|
| 2038 | Term | 5% | 98.278
|
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