Published on 9/11/2012 in the Prospect News Municipals Daily.
New Issue: Texas brings $156.29 million of water financial assistance G.O. bonds
By Sheri Kasprzak
New York, Sept. 11 - The State of Texas came to market Tuesday with $156,285,000 of series 2012G water financial assistance general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AA+/AAA) were sold through senior manager Barclays.
The bonds are due 2013 to 2035 with term bonds due in 2038 and 2041. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 115.898. The 2041 bonds have split maturities with a 3.5% coupon priced at 97.859, a 4% coupon priced at 103.955 and a 5% coupon priced at 115.623.
Proceeds will be used to finance loans to political subdivisions for water projects.
| Issuer: | State of Texas
|
| Issue: | Series 2012G water financial assistance general obligation bonds
|
| Amount: | $156,285,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays (lead), Frost Bank, Jefferies & Co., M.R. Beal & Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Sept. 11
|
| Settlement date: | Oct. 2
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $305,000 | 2013 | Serial | 2% | 101.442
|
| $295,000 | 2014 | Serial | 2% | 102.989
|
| $300,000 | 2015 | Serial | 2% | 104.296
|
| $2.71 million | 2016 | Serial | 4% | 113.018
|
| $2,495,000 | 2017 | Serial | 5% | 119.913
|
| $975,000 | 2018 | Serial | 5% | 122.028
|
| $1.02 million | 2019 | Serial | 5% | 123.371
|
| $1.08 million | 2020 | Serial | 4% | 117.515
|
| $1,125,000 | 2021 | Serial | 5% | 125.737
|
| $1,185,000 | 2022 | Serial | 5% | 126.956
|
| $1,245,000 | 2023 | Serial | 5% | 125.432
|
| $1.31 million | 2024 | Serial | 5% | 124.528
|
| $1.38 million | 2025 | Serial | 5% | 123.532
|
| $1.45 million | 2026 | Serial | 5% | 122.939
|
| $1,515,000 | 2027 | Serial | 5% | 122.35
|
| $1.6 million | 2028 | Serial | 5% | 121.763
|
| $1.68 million | 2029 | Serial | 5% | 121.181
|
| $3,825,000 | 2030 | Serial | 5% | 120.697
|
| $4,015,000 | 2031 | Serial | 5% | 120.121
|
| $4.21 million | 2032 | Serial | 5% | 119.547
|
| $4.43 million | 2033 | Serial | 5% | 118.788
|
| $4.65 million | 2034 | Serial | 5% | 118.034
|
| $4.83 million | 2035 | Serial | 5% | 117.286
|
| $23,015,000 | 2038 | Term | 5% | 115.898
|
| $8,785,000 | 2041 | Term | 3.5% | 97.859
|
| $6,215,000 | 2041 | Term | 4% | 103.955
|
| $70.64 million | 2041 | Term | 5% | 115.623
|
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