Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Texas prices $149.65 million water financial assistance G.O. bonds
By Sheri Kasprzak
New York, March 21 - The State of Texas sold $149,645,000 of series 2012C water financial assistance general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AA+/AAA) were sold through Morgan Stanley & Co. LLC. The co-managers were Bank of America Merrill Lynch, Estrada Hinojosa & Co. Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Southwest Securities Inc.
The bonds are due 2014 to 2032 with a term bond due in 2038. The serial coupons range from 2% to 5%. The 2038 bonds have a 4% coupon priced at 99.19.
Proceeds will be deposited into an account and distributed to political subdivisions as needed for water facilities projects.
| Issuer: | State of Texas
|
| Issue: | Series 2012C water financial assistance general obligation bonds
|
| Amount: | $149,645,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Bank of America Merrill Lynch, Estrada Hinojosa & Co. Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | March 21
|
| Settlement date: | April 10
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.48 million | 2014 | Serial | 2% | 103.555
|
| $3.55 million | 2015 | Serial | 2% | 104.109
|
| $3.62 million | 2016 | Serial | 4% | 112.798
|
| $600,000 | 2017 | Serial | 3% | 109.229
|
| $3,165,000 | 2017 | Serial | 5% | 119.484
|
| $3,945,000 | 2018 | Serial | 5% | 120.188
|
| $4.14 million | 2019 | Serial | 4% | 114.264
|
| $4,305,000 | 2020 | Serial | 5% | 121.152
|
| $3.52 million | 2021 | Serial | 3% | 104.72
|
| $1 million | 2021 | Serial | 5% | 121.291
|
| $4,675,000 | 2022 | Serial | 5% | 119.725
|
| $4.91 million | 2023 | Serial | 5% | 118.363
|
| $5,155,000 | 2024 | Serial | 5% | 117.555
|
| $5,415,000 | 2025 | Serial | 5% | 116.753
|
| $5,685,000 | 2026 | Serial | 5% | 115.694
|
| $5.97 million | 2027 | Serial | 5% | 114.907
|
| $6,265,000 | 2028 | Serial | 5% | 114.213
|
| $6.58 million | 2029 | Serial | 3.35% | 100
|
| $6.8 million | 2030 | Serial | 5% | 113.182
|
| $7.14 million | 2031 | Serial | 5% | 112.925
|
| $7.5 million | 2032 | Serial | 5% | 112.5
|
| $52,225,000 | 2038 | Term | 4% | 99.19
|
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