Published on 5/16/2012 in the Prospect News Municipals Daily.
New Issue: North Texas Tollway prices $383.63 million revenue refunding bonds
By Sheri Kasprzak
New York, May 16 - The North Texas Tollway Authority sold $383,625,000 of series 2012C first-tier system revenue refunding bonds, according to a pricing sheet.
The bonds were sold through Barclays Capital Inc. and Bank of America Merrill Lynch. The co-managers were Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
The bonds (A2/A-/) are due 2021 to 2034 with term bonds due in 2036, 2042 and 2052. The serial bonds have 5% coupons. The 2036 bonds have a 5% coupon priced at 105.207, and the 2042 bonds have a 5% coupon priced at 104.354. The 2052 bonds have a 5.25% coupon priced at 104.688.
Proceeds will be used to refund the authority's series 1998, 2003A and 2008H-2 bonds.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2012C first-tier system revenue refunding bonds
|
| Amount: | $383,625,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc. and Bank of America Merrill Lynch (lead), Morgan Stanley & Co. LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Pricing date: | May 16
|
| Settlement date: | Oct. 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $7,615,000 | 2021 | Serial | 5% | 114.66
|
| $7,995,000 | 2022 | Serial | 5% | 114.815
|
| $8,395,000 | 2023 | Serial | 5% | 113.101
|
| $8,815,000 | 2024 | Serial | 5% | 112.003
|
| $9,255,000 | 2025 | Serial | 5% | 111
|
| $9,715,000 | 2026 | Serial | 5% | 110.173
|
| $10,205,000 | 2027 | Serial | 5% | 109.517
|
| $10,715,000 | 2028 | Serial | 5% | 108.784
|
| $11,245,000 | 2029 | Serial | 5% | 108.138
|
| $11.81 million | 2030 | Serial | 5% | 107.656
|
| $12.4 million | 2031 | Serial | 5% | 107.177
|
| $13.02 million | 2032 | Serial | 5% | 106.7
|
| $13,675,000 | 2033 | Serial | 5% | 106.305
|
| $14,355,000 | 2034 | Serial | 5% | 105.754
|
| $30.9 million | 2036 | Term | 5% | 105.207
|
| $193.51 million | 2042 | Term | 5% | 104.354
|
| $10 million | 2052 | Term | 5.25% | 104.688
|
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