Austin, Texas, prepares $403.89 million electric utility bond offering

By Sheri Kasprzak

New York, May 4 – The City of Austin, Texas, is set to price $403,885,000 of series 2015 electric utility system revenue refunding bonds, said a preliminary official statement.

The deal includes $322.92 million of series 2015A bonds and $80,965,000 of series 2015B taxable bonds.

The bonds (A1/AA-/AA-) will be sold on a negotiated basis with Goldman Sachs & Co. as the lead manager and J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Jefferies & Co., Mesirow Financial Inc., Ramirez & Co. Inc. and Stifel, Nicolaus & Co. Inc. as co-managers.

Both tranche have maturities from 2016 to 2035.

Proceeds will be used to refund the city’s series 2006, 2006A, 2008A and 2010A electric utility revenue refunding bonds.

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