Published on 7/25/2013 in the Prospect News Municipals Daily.
New Issue: Texas offers up $88.73 million of water financial assistance G.O. bonds
By Sheri Kasprzak
New York, July 25 - The State of Texas sold $88.73 million of series 2013 water financial assistance general obligation bonds, according to a pricing sheet.
The offering included $56,515,000 of series 2013B G.O. bonds and $32,215,000 of series 2013C G.O. refunding bonds.
The 2013B bonds are due 2014 to 2033 with 4% to 5% coupons and 0.25% to 4.18% yields. The 2013C bonds are due 2014 to 2021 with 3% to 5% coupons with 0.25% to 2.41% yields.
The bonds (Aaa/AA+/AAA) were sold through BofA Merrill Lynch.
Proceeds will be used to provide water improvement loans to local government entities and to refund existing water bonds.
| Issuer: | State of Texas
|
| Issue: | Series 2013 water financial assistance general obligation bonds
|
| Amount: | $88.73 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Estrada Hinojosa & Co. Inc., Fidelity Capital Markets Inc. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 1
|
|
|
| $56,515,000 series 2013B G.O. bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1.52 million | 2014 | Serial | 4% | 0.25%
|
| $1.58 million | 2015 | Serial | 4% | 0.5%
|
| $1,645,000 | 2016 | Serial | 4% | 0.85%
|
| $1.71 million | 2017 | Serial | 4% | 1.2%
|
| $1.78 million | 2018 | Serial | 4% | 1.53%
|
| $1.85 million | 2019 | Serial | 4% | 1.84%
|
| $1,925,000 | 2020 | Serial | 4% | 2.13%
|
| $2 million | 2021 | Serial | 4% | 2.41%
|
| $2.08 million | 2022 | Serial | 5% | 2.69%
|
| $2,185,000 | 2023 | Serial | 5% | 2.89%
|
| $2,295,000 | 2024 | Serial | 5% | 3.07%
|
| $3.41 million | 2025 | Serial | 5% | 3.22%
|
| $3.58 million | 2026 | Serial | 5% | 3.41%
|
| $3.61 million | 2027 | Serial | 5% | 3.55%
|
| $3.79 million | 2028 | Serial | 5% | 3.68%
|
| $3.98 million | 2029 | Serial | 4% | 4.02%
|
| $4,135,000 | 2030 | Serial | 4% | 4.09%
|
| $4,305,000 | 2031 | Serial | 4% | 4.12%
|
| $4,475,000 | 2032 | Serial | 4.125% | 4.18%
|
| $4.66 million | 2033 | Serial | 5% | 3.98%
|
|
|
| $32,215,000 series 2013C G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1,135,000 | 2014 | Serial | 4% | 0.25%
|
| $1,105,000 | 2015 | Serial | 3% | 0.5%
|
| $1,115,000 | 2016 | Serial | 4% | 0.85%
|
| $3.13 million | 2017 | Serial | 5% | 1.2%
|
| $7 million | 2018 | Serial | 5% | 1.53%
|
| $6 million | 2019 | Serial | 5% | 1.84%
|
| $6 million | 2020 | Serial | 5% | 2.13%
|
| $6.73 million | 2021 | Serial | 5% | 2.41%
|
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