By Sheri Kasprzak
New York, April 15 -- The North Texas Tollway Authority sold $1,091,238,450 of series 2011 revenue bonds and taxable bond anticipation notes, said a pricing sheet. The offering was upsized from $1,028,781,540.90.
The sale included $487.89 million of series 2011A special project revenue current interest bonds, $55,103,674 of series 2011B capital appreciation bonds and $129,839,776 of series 2011C convertible capital appreciation bonds, as well as $348.295 million of series 2011A taxable bond anticipation notes and $70.11 million of series 2011B taxable BANs.
The 2011A special projects revenue bonds are due 2014 to 2018, 2020 to 2021, 2023 to 2026, 2028 to 2031 with term bonds due in 2036 and 2041. The serial coupons range from 4% to 5.5%. The 2036 bonds have a 5.5% coupon, and the 2041 bonds have a split maturity with a 5.5% coupon and a 6% coupon.
The 2011B bonds are due 2037 and 2043 and are zero-coupon bonds priced at 14.196 and 8.959, respectively.
The 2011C bonds are due 2043 and 2045 and are also zero-coupon bonds and are priced at 42.778 and 50.331, respectively.
The 2011A BANs are due Sept. 1, 2013 and have a 2.441% coupon priced at par. The 2011B BANs are due Sept. 1, 2013 and have a 2.306% coupon priced at par.
Citigroup Global Markets Inc. was the senior manager. The co-managers were Barclays Capital Inc., Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC, Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc. and Ramirez & Co. Inc.
Proceeds will be used to make an upfront payment to the Texas Department of Transportation for the authority's right to own and operate an 11.5-mile toll stretch of State Highway 161 in western Dallas County extending from State Highway 183 to Interstate 20.
Issuer: | North Texas Tollway Authority
|
Issue: | Series 2011 revenue bonds and taxable bond anticipation notes
|
Amount: | $1.2 billion
|
Type: | Negotiated
|
Underwriters: | Citigroup Global Markets Inc. (lead), Barclays Capital Inc., Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC, Morgan Keegan & Co. Inc., Morgan Stanley & Co. Inc. and Ramirez & Co. Inc. (co-managers)
|
Pricing date: | April 14
|
Settlement date: | April 28
|
|
$487.89 million series 2011A special projects revenue bonds
|
Amount | Maturity | Type | Coupon | Price
|
$6.835 million | 2014 | Serial | 4% | 107.947
|
$11.045 million | 2015 | Serial | 4% | 108.058
|
$5 million | 2016 | Serial | 4% | 107.558
|
$10.03 million | 2016 | Serial | 5% | 112.531
|
$5 million | 2017 | Serial | 4% | 106.625
|
$7.835 million | 2017 | Serial | 5% | 112.389
|
$60,000 | 2018 | Serial | 4% | 105.194
|
$9.65 million | 2020 | Serial | 5% | 109.357
|
$5 million | 2021 | Serial | 4% | 100
|
$9.19 million | 2021 | Serial | 5% | 108.396
|
$5.86 million | 2023 | Serial | 5% | 105.788
|
$170,000 | 2024 | Serial | 5% | 104.513
|
$730,000 | 2025 | Serial | 5% | 103.256
|
$360,000 | 2026 | Serial | 5% | 102.428
|
$5.365 million | 2028 | Serial | 5.5% | 104.981
|
$4.645 million | 2029 | Serial | 5.25% | 101.911
|
$7.195 million | 2030 | Serial | 5% | 98.772
|
$16.04 million | 2031 | Serial | 5% | 97.869
|
$47.335 million | 2036 | Term | 5.5% | 98.646
|
$280.545 million | 2041 | Term | 5.5% | 97.826
|
$50 million | 2041 | Term | 6% | 103.735
|
|
$55,103,674 series 2011B capital appreciation bonds
|
Amount | Maturity | Type | Price
|
$42,620,651 | 2037 | Term | 14.196
|
$12,483,023 | 2043 | Term | 8.959
|
|
$129,839,776 series 2011C convertible capital appreciation bonds
|
Amount | Maturity | Type | Price
|
$36,767,691 | 2043 | Term | 42.778
|
$93,072,085 | 2045 | Term | 50.331
|
|
$348.295 million series 2011A taxable bond anticipation notes
|
Maturity | Type | Coupon | Price
|
Sept. 1, 2013 | Term | 2.441% | 100
|
|
$70.11 million series 2011B taxable bond anticipation notes
|
Maturity | Type | Coupon | Price
|
Sept. 1, 2013 | Term | 2.306% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.