By Sheri Kasprzak
New York, Aug. 21 - The State of Texas came to market Tuesday with $9.8 billion of series 2012 tax and revenue anticipation notes, according to a pricing sheet.
The notes (MIG 1/SP-1+/F1+) were sold competitively.
J.P. Morgan Securities LLC won $5.22 billion of the notes. Citigroup Global Markets Inc. won $2 billion of the notes, Bank of America Merrill Lynch won $1.05 billion, and Wells Fargo Securities LLC took $1 billion. RBC Capital Markets LLC took $325 million, and Piper Jaffray & Co. won $100 million. Goldman, Sachs & Co. won $80 million, and Morgan Stanley & Co. took $25 million.
The weighted average net interest cost came in at 0.22529938776%.
The notes are due Aug. 30, 2013 and bear interest at 2.5% priced at 102.262.
Proceeds will be used to finance capital expenditures for the state ahead of the collection of taxes and revenues during the 2012-2013 fiscal year.
| Issuer: | State of Texas
|
| Issue: | Series 2012 tax and revenue anticipation notes
|
| Amount: | $9.8 billion
|
| Maturity: | Aug. 30, 2013
|
| Coupon: | 2.5%
|
| Price: | 102.262
|
| Weighted average NIC: | 0.2259938776%
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (for $5.22 billion), Citigroup Global Markets Inc. (for $2 billion), Bank of America Merrill Lynch (for $1.05 billion), Wells Fargo Securities LLC (for $1 billion), RBC Capital Markets LLC (for $325 million), Piper Jaffray & Co. (for $100 million), Goldman, Sachs & Co. (for $80 million), Morgan Stanley & Co. (for $25 million)
|
| Ratings: | Moody's: MIG 1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 30
|
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