By Sheri Kasprzak
New York, Aug. 25 - The state of Texas came to market Tuesday with $5.5 billion in series 2009 tax and revenue anticipation notes, according to a pricing sheet.
The notes (MIG1/SP-1+/F1+), which are due Aug. 31, 2010, were sold on a competitive basis with RBC Capital Markets Corp. as the financial advisor.
Nine bidders took pieces of the offering, including Ramirez & Co. Inc.; Citigroup Global Markets Inc.; Wells Fargo Securities Inc.; Morgan Stanley & Co. Inc.; Barclays Capital Inc.; First Southwest Co.; Goldman, Sachs & Co.; Piper Jaffray & Co.; and J.P. Morgan Securities Inc.
The weighted net interest cost for the notes came out at 0.47924636114%. The coupon was set at 2.5%.
Proceeds will be used to fund general capital expenses ahead of the collection of taxes and revenues.
| Issuer: | Texas
|
| Issue: | Series 2009 tax and revenue anticipation notes
|
| Amount: | $5.5 billion
|
| Type: | Competitive
|
| Underwriters: | Ramirez & Co. Inc.; Citigroup Global Markets Inc., Wells Fargo Securities Inc.; Morgan Stanley & Co. Inc.; Barclays Capital Inc.; First Southwest Co.; Goldman, Sachs & Co.; Piper Jaffray & Co.; and J.P. Morgan Securities Inc. (winning bidders)
|
| Maturity: | Aug. 31, 2010
|
| Coupon: | 2.5%
|
| NIC: | 0.47924636114%
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Aug. 25
|
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