Published on 4/8/2015 in the Prospect News Municipals Daily.
New Issue: North Texas Tollway prices $866.55 million of revenue refunding bonds
By Sheri Kasprzak
New York, April 8 – The North Texas Tollway Authority priced $866,545,000 of series 2015A system second tier revenue refunding bonds, according to a pricing sheet.
The bonds (A3/BBB+/) were sold through senior managers J.P. Morgan Securities LLC and Loop Capital Markets LLC.
The bonds are due 2016 to 2028 and 2030 to 2035 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a 4% coupon priced at 98.965 and a 5% coupon priced at 121.225.
Proceeds will be used to refund the authority’s series 2008F system second tier revenue refunding bonds.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2015A system second tier revenue refunding bonds
|
| Amount: | $866,545,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Loop Capital Markets LLC (lead), Barclays, Estrada Hinojosa & Co. Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: BBB+
|
| Pricing date: | April 8
|
| Settlement date: | April 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.66 million | 2016 | Serial | 2% | 101.079
|
| $6.86 million | 2017 | Serial | 3% | 103.768
|
| $7,065,000 | 2018 | Serial | 4% | 107.606
|
| $7,345,000 | 2019 | Serial | 5% | 112.705
|
| $7,715,000 | 2020 | Serial | 5% | 114.907
|
| $8.1 million | 2021 | Serial | 5% | 116.521
|
| $8,505,000 | 2022 | Serial | 5% | 117.528
|
| $8.93 million | 2023 | Serial | 5% | 118.384
|
| $9,375,000 | 2024 | Serial | 5% | 119.069
|
| $9,845,000 | 2025 | Serial | 5% | 119.301
|
| $10.34 million | 2026 | Serial | 5% | 117.808
|
| $10,885,000 | 2027 | Serial | 5% | 116.612
|
| $9,985,000 | 2028 | Serial | 5% | 115.52
|
| $70.18 million | 2030 | Serial | 5% | 113.55
|
| $44.18 million | 2031 | Serial | 5% | 112.756
|
| $166.61 million 2032 | Serial | 5% | 112.318
|
| $134,835,000 | 2033 | Serial | 5% | 111.968
|
| $129,985,000 | 2034 | Serial | 5% | 111.794
|
| $78.31 million | 2035 | Serial | 5% | 111.534
|
| $41.51 million | 2038 | Term | 4% | 98.965
|
| $91,325,000 | 2038 | Term | 5% | 121.225
|
|
|
|
|
© 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.
