By Sheri Kasprzak
New York, Aug. 23 - The State of Texas brought to market $9.8 billion of series 2011A tax and revenue anticipation notes, according to a pricing sheet.
The notes (MIG1/SP-1+/F1+) were sold competitively. J.P. Morgan Securities LLC won the largest share of the offering, taking $9.115 billion. First Southwest Co. took $15 million, RBC Capital Markets LLC won $10 million, Citigroup Global Markets Inc. took $250 million, Barclays Capital Inc. won $400 million and Piper Jaffray & Co. took $10 million.
The weighted true interest cost came in at 0.27306606414%.
The notes are due Aug. 30, 2012 and have a 2.5% coupon priced at 102.232.
Proceeds from the sale will be used to avoid a cash shortfall in the unrestricted accounts in the state's general revenue fund during fiscal year 2012.
| Issuer: | State of Texas
|
| Issue: | Series 2011A tax and revenue anticipation notes
|
| Amount: | $9.8 billion
|
| Maturity: | Aug. 30, 2012
|
| Coupon: | 2.5%
|
| Price: | 102.232
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (winner of $9.115 billion); Barclays Capital Inc. (winner of $400 million); Citigroup Global Markets Inc. (winner of $250 million); First Southwest Co. (winner of $15 million); RBC Capital Markets LLC (winner of $10 million); Piper Jaffray & Co. (winner of $10 million)
|
| Weighted true interest cost: | 0.27306606414%
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Aug. 23
|
| Settlement date: | Sept. 1
|
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