Published on 5/23/2013 in the Prospect News Municipals Daily.
New Issue: Texas brings $98.55 million of college student loan refunding bonds
By Sheri Kasprzak
New York, May 23 - The State of Texas sold $98.55 million of series 2013A college student loan refunding bonds, according to a pricing sheet.
The bonds (Aaa/AA+/) were sold competitively. J.P. Morgan Securities LLC won the bid at a 1.166544% true interest cost, said Patrick Krishock, senior financial analyst for the Texas Higher Education Coordinating Board.
The bonds are due 2014 to 2023 with 2% to 5% coupons and 0.3% to 2.2% yields.
Proceeds will be used to refund the state's series 1999 college student loan bonds and its series 2003 variable-rate college student loan and refunding bonds.
Issuer: | State of Texas
|
Issue: | Series 2013A college student loan refunding bonds
|
Amount: | $98.55 million
|
Type: | Competitive
|
Underwriter: | J.P. Morgan Securities LLC (winner)
|
TIC: | 1.166544%
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
Pricing date: | May 21
|
Settlement date: | June 5
|
|
Amount | Maturity | Type | Coupon | Price | Yield
|
$16,125,000 | 2014 | Serial | 2% | 101.959 | 0.3%
|
$3,895,000 | 2015 | Serial | 3% | 105.397 | 0.48%
|
$18.01 million | 2016 | Serial | 4% | 110.28 | 0.7%
|
$17.57 million | 2017 | Serial | 5% | 116.596 | 0.92%
|
$19,035,000 | 2018 | Serial | 5% | 119.438 | 1.11%
|
$20,015,000 | 2019 | Serial | 5% | 121.488 | 1.35%
|
$895,000 | 2020 | Serial | 5% | 122.671 | 1.63%
|
$945,000 | 2021 | Serial | 5% | 123.741 | 1.85%
|
$1 million | 2022 | Serial | 5% | 124.508 | 2.05%
|
$1.06 million | 2023 | Serial | 5% | 125.355 | 2.2%
|
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