Published on 11/17/2014 in the Prospect News Municipals Daily.
New Issue: North Texas Tollway brings to market $456.84 million of refunding bonds
By Sheri Kasprzak
New York, Nov. 17 – The North Texas Tollway Authority offered $456,835,000 of series 2014 system revenue refunding bonds, according to a term sheet. The deal was cut from $499,535,000.
The deal included $310,415,000 of series 2014A first tier bonds (A2/A-/) and $146.42 million of series 2014B second tier bonds (A3/BBB+/).
The first tier bonds are due 2020 to 2025 with 5% coupons and yields from 1.73% to 2.89%.
The second tier bonds are due 2029 to 2031 with 5% coupons and 3.50% to 3.60% yields.
BofA Merrill Lynch and Barclays served as the senior managers for the sale.
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.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2014 system revenue refunding bonds
|
| Amount: | $456,835,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Barclays (lead), Estrada Hinojosa & Co., Inc. and J.P. Morgan Securities LLC (co-managers)
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 20
|
|
|
| $310,415,000 series 2014A first tier bonds (A2/A-/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $36,385,000 | 2020 | Serial | 5% | 115.936 | 1.73%
|
| $48.46 million | 2021 | Serial | 5% | 116.743 | 2.07%
|
| $48.25 million | 2022 | Serial | 5% | 117.121 | 2.37%
|
| $50,405,000 | 2023 | Serial | 5% | 117.451 | 2.60%
|
| $61.02 million | 2024 | Serial | 5% | 117.849 | 2.77%
|
| $65,895,000 | 2025 | Serial | 5% | 116.797 | 2.89%
|
|
|
| $146.42 million series 2014B second tier bonds (A3/BBB+/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1 million | 2029 | Serial | 5% | 111.615 | 3.50%
|
| $26.13 million | 2030 | Serial | 5% | 111.202 | 3.55%
|
| $119.29 million | 2031 | Serial | 5% | 110.791 | 3.60%
|
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