Published on 5/5/2009 in the Prospect News Municipals Daily.
New Issue: Texas prices $157.24 million G.O. bonds at 4.01% TIC
By Aaron Hochman-Zimmerman
New York, May 5 - Texas priced $157.24 million in series 2009B water financial assistance general obligation bonds at a true interest cost of 4.01% (Aa1/AA/AA+) on Monday, according to Richard Weiss, public finance executive director.
Morgan Stanley & Co. Inc. was the lead underwriter for the negotiated deal.
Loop Capital Markets LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Ramirez & Co. Inc., RBC Capital Markets Inc. and Southwest Securities Inc. acted as co-managers.
The bonds carry serial maturities from 2010 to 2029.
Proceeds will be used to construct dams, water storage facilities and other projects.
| Issuer: | Texas
|
| Issue: | Series 2009B water financial assistance G.O. bonds
|
| Amount: | $157.24 million
|
| Maturities: | 2010 to 2029
|
| True interest cost: | 4.01%
|
| Type: | Competitive
|
| Underwriters: | Morgan Stanley & Co. Inc. (lead); Loop Capital Markets LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., Ramirez & Co. Inc., RBC Capital Markets Inc. and Southwest Securities Inc. (co-managers)
|
| Pricing date: | May 4
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
|
|
| Serial bonds
|
| Maturity | Amount | Coupon | Price
|
| Aug. 1, 2010 | $5.665 million | 3.00% | 102.626
|
| Aug. 1, 2011 | $3.770 million | 3.00% | 103.983
|
| Aug. 1, 2012 | $5.520 million | 4.00% | 107.915
|
| Aug. 1, 2013 | $5.740 million | 5.00% | 113.200
|
| Aug. 1, 2014 | $6.025 million | 3.00% | 104.389
|
| Aug. 1, 2015 | $6.210 million | 4.00% | 109.309
|
| Aug. 1, 2016 | $6.455 million | 5.00% | 115.826
|
| Aug. 1, 2017 | $1.035 million | 4.00% | 108.863
|
| Aug. 1, 2017 | $5.745 million | 5.00% | 116.130
|
| Aug. 1, 2018 | $3.250 million | 3.00% | 100.077
|
| Aug. 1, 2018 | $3.860 million | 5.00% | 116.020
|
| Aug. 1, 2019 | $2.860 million | 5.00% | 114.294
|
| Aug. 1, 2019 | $4.540 million | 4.25% | 108.370
|
| Aug. 1, 2020 | $7.735 million | 4.50% | 108.521
|
| Aug. 1, 2021 | $8.085 million | 5.00% | 110.851
|
| Aug. 1, 2022 | $8.485 million | 5.00% | 109.541
|
| Aug. 1, 2023 | $8.910 million | 5.00% | 108.410
|
| Aug. 1, 2024 | $1.910 million | 4.00% | 99.544
|
| Aug. 1, 2024 | $7.445 million | 5.00% | 107.293
|
| Aug. 1, 2025 | $9.805 million | 5.00% | 106.189
|
| Aug. 1, 2026 | $6.715 million | 4.25% | 99.392
|
| Aug. 1, 2026 | $3.580 million | 5.00% | 105.254
|
| Aug. 1, 2027 | $10.760 million | 5.00% | 104.483
|
| Aug. 1, 2028 | $5.455 million | 4.50% | 100.218
|
| Aug. 1, 2028 | $5.845 million | 5.00% | 103.947
|
| Aug. 1, 2029 | $11.835 million | 5.00% | 103.338
|
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