By Sheri Kasprzak
New York, June 23 - The State of Texas priced Thursday $145.67 million of series 2011 college student loan general obligation bonds, said a pricing sheet.
The offering included $118.65 million of series 2011A AMT G.O. bonds and $27.02 million of series 2011B AMT G.O. refunding bonds.
The 2011A bonds are due 2015 to 2026 with term bonds due 2031 and 2036. The bonds all have 5% coupons. The 2031 bonds have a 5% coupon priced at 104.261 and the 2036 bonds have a 5% coupon priced at 101.431.
The 2011B bonds are due 2012 to 2018 with 2% to 5% coupons.
J.P. Morgan Securities LLC was the senior manager for the bonds (Aaa/AA+/). The co-managers were Bank of America Merrill Lynch, Southwest Securities Inc. and Wells Fargo Securities LLC.
Proceeds will be used to fund student loans and refund the state's series 2002 college student loan G.O. bonds.
| Issuer: | State of Texas
|
| Issue: | Series 2011 college student loan general obligation bonds
|
| Amount: | $145.67 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, Southwest Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Pricing date: | June 23
|
| Settlement date: | July 21
|
|
|
| $118.65 million series 2011A AMT G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.08 million | 2015 | Serial | 5% | 112.752
|
| $3.235 million | 2016 | Serial | 5% | 114.384
|
| $3.4 million | 2017 | Serial | 5% | 114.57
|
| $3.565 million | 2018 | Serial | 5% | 114.426
|
| $3.745 million | 2019 | Serial | 5% | 113.715
|
| $3.935 million | 2020 | Serial | 5% | 112.928
|
| $4.13 million | 2021 | Serial | 5% | 112.053
|
| $4.335 million | 2022 | Serial | 5% | 111.299
|
| $4.555 million | 2023 | Serial | 5% | 110.479
|
| $4.78 million | 2024 | Serial | 5% | 109.542
|
| $5.02 million | 2025 | Serial | 5% | 108.414
|
| $5.27 million | 2026 | Serial | 5% | 107.458
|
| $30.575 million | 2031 | Term | 5% | 104.261
|
| $39.025 million | 2036 | Term | 5% | 101.431
|
|
|
| $27.02 million series 2011B AMT G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $7.665 million | 2012 | Serial | 2% | 101.597
|
| $6.685 million | 2013 | Serial | 5% | 108.072
|
| $6.56 million | 2014 | Serial | 5% | 110.823
|
| $4.24 million | 2015 | Serial | 5% | 112.752
|
| $760,000 | 2016 | Serial | 3% | 104.57
|
| $565,000 | 2017 | Serial | 5% | 114.57
|
| $545,000 | 2018 | Serial | 3% | 101.715
|
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