Published on 10/8/2013 in the Prospect News Municipals Daily.
New Issue: Texas brings $113.47 million of student loan general obligation bonds
By Sheri Kasprzak
New York, Oct. 8 - The State of Texas priced $113,465,000 of series 2013B college student loan general obligation bonds, said a pricing sheet.
The bonds (Aaa/AAA/) were sold competitively with BofA Merrill Lynch winning the bid at a 3.35091% true interest cost, said Patrick Krishock, senior financial analyst for the Texas Higher Education Coordinating Board.
The bonds are due 2019 to 2030 with 4% to 5.5% coupons and 1.85% to 4.18% yields.
Proceeds will be used to make low-interest loans to eligible undergraduate college students within the state.
| Issuer: | State of Texas
|
| Issue: | Series 2013B college student loan general obligation bonds
|
| Amount: | $113,465,000
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| TIC: | 3.35091%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | Oct. 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5 million | 2019 | Serial | 5% | 117.167 | 1.85%
|
| $8 million | 2020 | Serial | 5% | 118.214 | 2.10%
|
| $10 million | 2021 | Serial | 5.25% | 120.251 | 2.38%
|
| $10,625,000 | 2022 | Serial | 5.25% | 120.488 | 2.62%
|
| $11,155,000 | 2023 | Serial | 5.5% | 122.555 | 2.84%
|
| $11.57 million | 2024 | Serial | 5% | 116.734 | 3.01%
|
| $15,035,000 | 2025 | Serial | 5% | 114.907 | 3.21%
|
| $12.95 million | 2026 | Serial | 4% | 102.767 | 3.66%
|
| $6,815,000 | 2027 | Serial | 4% | 101.615 | 3.80%
|
| $7.12 million | 2028 | Serial | 4% | 100.558 | 3.93%
|
| $7,425,000 | 2029 | Serial | 4% | 99.301 | 4.06%
|
| $7.77 million | 2030 | Serial | 4.125% | 99.336 | 4.18%
|
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