North Texas Tollway to price $499.5 million revenue refunding bonds

By Cristal Cody

Tupelo, Miss., Oct. 29 – North Texas Tollway Authority plans to price $499,535,000 of series 2014 system revenue refunding bonds, according to a preliminary official statement.

The deal includes $350,475,000 of series 2014A first tier bonds (A2/A-/) and $149.06 million of series 2014B second tier bonds (A3/BBB+/).

The series 2014A bonds have serial maturities from 2019 through 2025, and the series 2014B bonds are due 2030 and 2031.

BofA Merrill Lynch and Barclays are the lead managers of the negotiated sale. Estrada Hinojosa & Co., Inc. and J.P. Morgan Securities LLC are the co-managers.

Proceeds will be used to refund a portion of the authority’s series 2008A North Texas Tollway Authority system first tier current interest revenue refunding bonds and a portion of the outstanding series 2008F second tier revenue refunding bonds and to fund a debt service reserve fund.

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