New Issue: Texas offers up $7.2 billion of 2% tax and revenue anticipation notes

By Sheri Kasprzak

New York, Aug. 27 - The State of Texas priced $7.2 billion of series 2013 tax and revenue anticipation notes, according to a pricing sheet.

The notes (MIG 1/SP-1+/F1+) were sold competitively. Wells Fargo Bank, NA, RBC Capital Markets LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Goldman, Sachs & Co. all took portions of the offering at a weighted net interest cost of 0.20078389485%.

The notes are due Aug. 28, 2014 and bear interest at 2% to yield 0.19%.

Proceeds will be used to fulfill operating cash shortfalls during the coming fiscal year.

Issuer:	State of Texas
Issue:	Series 2013 tax and revenue anticipation notes
Amount:	$7.2 billion
Maturity:	Aug, 28, 2014
Coupon:	2%
Yield:	0.19%
Type:	Competitive
Underwriters:	Wells Fargo Bank, NA, RBC Capital Markets LLC, BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and Goldman, Sachs & Co. (winners)
Weighted net interest cost:	0.20078389485%
Ratings:	Moody's: MIG 1
	Standard & Poor's: SP-1+
	Fitch: F1+
Pricing date:	Aug. 27
Settlement date:	Sept. 3

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