Published on 7/11/2012 in the Prospect News Municipals Daily.
New Issue: Texas details $85.62 million sale of college student loan G.O. bonds
By Sheri Kasprzak
New York, July 11 - The State of Texas sold $85,615,000 of series 2012 college student loan general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AA+/) were sold competitively with RBC Capital Markets LLC winning the bid, said Arturo Alonzo, deputy commissioner for finance and administration with the Texas Higher Education Coordinating Board. The true interest cost came in at 2.71%, Alonzo said.
The bonds are due 2016 to 2035 with 3% to 5.5% coupons.
Proceeds will be used to fund various student loan programs operated by the state.
| Issuer: | State of Texas
|
| Issue: | Series 2012 college student loan general obligation bonds
|
| Amount: | $85,615,000
|
| Type: | Competitive
|
| Underwriter: | RBC Capital Markets LLC (winner)
|
| TIC: | 2.71%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Pricing date: | July 10
|
| Settlement date: | July 25
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $515,000 | 2016 | Serial | 4% | 111.531
|
| $3,905,000 | 2017 | Serial | 5% | 117.859
|
| $11.5 million | 2018 | Serial | 5.25% | 120.538
|
| $18,805,000 | 2019 | Serial | 5.5% | 123.543
|
| $13,185,000 | 2020 | Serial | 5.5% | 124.547
|
| $7,295,000 | 2021 | Serial | 5.5% | 125.091
|
| $1,605,000 | 2022 | Serial | 5% | 121.536
|
| $2.89 million | 2023 | Serial | 5% | 119.776
|
| $4.29 million | 2024 | Serial | 5% | 118.141
|
| $1,605,000 | 2025 | Serial | 5% | 117.003
|
| $1,685,000 | 2026 | Serial | 5% | 116.159
|
| $1.77 million | 2027 | Serial | 3% | 97.629
|
| $1,855,000 | 2028 | Serial | 3.125% | 98.08
|
| $1.95 million | 2029 | Serial | 3.25% | 98.71
|
| $2,035,000 | 2030 | Serial | 3.25% | 97.727
|
| $2,105,000 | 2031 | Serial | 3.375% | 98.41
|
| $2,175,000 | 2032 | Serial | 3.5% | 99.145
|
| $2.25 million | 2033 | Serial | 3.5% | 98.099
|
| $2.33 million | 2034 | Serial | 3.5% | 97.152
|
| $2,405,000 | 2035 | Serial | 3.625% | 98.083
|
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