Published on 9/10/2015 in the Prospect News Municipals Daily.
New Issue: North Texas Tollway prices $768.11 million of revenue refunding bonds
By Sheri Kasprzak
New York, Sept. 10 – The North Texas Tollway Authority sold $768.11 million of series 2015B system first-tier revenue refunding bonds, according to a pricing sheet. The offering was upsized from $750 million.
The bonds (A1/A/) were sold through Barclays and Loop Capital Markets LLC.
The bonds are due 2016 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 4% to 5%. The 2040 bonds have a 5% coupon priced at 106.768 and the 2045 bonds have a 5% coupon priced at 107.675.
Proceeds will be used to refund a portion of the authority’s series 2008A-B and 2009A revenue bonds.
| Issuer: | North Texas Tollway Authority
|
| Issue: | Series 2015B system first-tier revenue refunding bonds
|
| Amount: | $768.11 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays and Loop Capital Markets LLC (lead), BofA Merrill Lynch, Goldman, Sachs & Co., Jefferies & Co. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 24
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,235,000 | 2016 | Serial | 5% | 101.295
|
| $4.65 million | 2017 | Serial | 5% | 105.66
|
| $4.88 million | 2018 | Serial | 5% | 109.165
|
| $5,125,000 | 2019 | Serial | 5% | 111.838
|
| $5,385,000 | 2020 | Serial | 5% | 114.064
|
| $5.65 million | 2021 | Serial | 5% | 115.526
|
| $5,935,000 | 2022 | Serial | 5% | 116.438
|
| $6.23 million | 2023 | Serial | 5% | 116.955
|
| $7,015,000 | 2024 | Serial | 5% | 117.588
|
| $14.63 million | 2025 | Serial | 5% | 117.848
|
| $15.36 million | 2026 | Serial | 5% | 116.339
|
| $16.13 million | 2027 | Serial | 5% | 115.375
|
| $8,935,000 | 2028 | Serial | 5% | 114.076
|
| $61.3 million | 2029 | Serial | 5% | 112.964
|
| $8.69 million | 2030 | Serial | 5% | 111.865
|
| $17.28 million | 2031 | Serial | 5% | 111.279
|
| $26.43 million | 2032 | Serial | 5% | 110.779
|
| $10,385,000 | 2033 | Serial | 5% | 110.364
|
| $46.3 million | 2034 | Serial | 5% | 110.034
|
| $19.84 million | 2035 | Serial | 4% | 99.251
|
| $356.46 million | 2040 | Term | 5% | 106.768
|
| $120,265,000 | 2045 | Term | 5% | 107.675
|
|
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