By Sheri Kasprzak
New York, June 9 - The state of Texas priced $101.45 million in series 2008 general obligation bonds, according to an official statement.
The bonds (Aa1/AA/) were sold on a competitive basis. The winning underwriter could not be determined by press time.
The sale included $74.115 million in series 2008A college student loan bonds and $27.335 million in series 2008B college student loan refunding bonds.
The 2008A bonds are due 2012 to 2024 with coupons from 5% to 5.5% and yields from 3.75% to 5.05%.
The 2008A bonds also include term bonds due 2026, 2028 and 2032. The 2026 bonds have a 5% coupon to yield 5.13%. The 2028 bonds have a 5% coupon to yield 5.2% and the 2032 bonds have a 5.25% coupon to yield 5.3%.
The 2008B bonds are due 2014 to 2018 with 5% to 5.5% coupons and yields from 4.05% to 4.64%.
Proceeds from the 2008A bonds will be deposited to a student loan fund, and the proceeds from the 2008B bonds will be used to refund the state's outstanding series 1997, 1999, 2000 and 2002 bonds.
| Issuer: | Texas
|
| Issue: | General obligation bonds
|
| Amount: | $101.45 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | June 3
|
|
|
| Series 2008A bonds
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Serial | 5.5% | 3.75%
|
| 2013 | Serial | 5.5% | 3.99%
|
| 2014 | Serial | 5.5% | 4.05%
|
| 2015 | Serial | 5% | 4.19%
|
| 2016 | Serial | 5% | 4.30%
|
| 2017 | Serial | 5% | 4.43%
|
| 2018 | Serial | 5% | 4.57%
|
| 2019 | Serial | 5.25% | 4.69%
|
| 2020 | Serial | 5.25% | 4.79%
|
| 2021 | Serial | 5.25% | 4.87%
|
| 2022 | Serial | 5.25% | 4.94%
|
| 2023 | Serial | 5.25% | 5.00%
|
| 2024 | Serial | 5% | 5.05%
|
| 2026 | Term | 5% | 5.13%
|
| 2028 | Term | 5% | 5.20%
|
| 2032 | Term | 5.25% | 5.30%
|
|
|
| Series 2008B bonds
|
| Maturity | Type | Coupon | Yield
|
| 2014 | Serial | 5.5% | 4.05%
|
| 2016 | Serial | 5% | 4.35%
|
| 2017 | Serial | 5% | 4.50%
|
| 2018 | Serial | 5% | 4.64%
|
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