New Issue: Texas brings to market $5.4 billion tax and revenue anticipation notes

By Sheri Kasprzak

New York, Aug. 26 – The State of Texas priced $5.4 billion of series 2014 tax and revenue anticipation notes, said a pricing sheet.

The notes (MIG 1) were sold competitively. J.P. Morgan Securities LLC won $2.13 billion of the notes. Citigroup Global Markets Inc. won $650 million. BofA Merrill Lynch took $800 million, and Wells Fargo Bank, NA won $700 million. Morgan Stanley & Co. LLC won a $500 million portion, and Goldman Sachs & Co. took a $250 million portion. Barclays won $265 million. MUFG took $25 million, U.S. Bancorp Investments Inc. won $20 million, RBC Capital Markets LLC won $50 million, and Piper Jaffray & Co. took $10 million.

The weighted average net interest cost is 0.13259750128%.

The notes are due Aug. 31, 2015, bear interest at 1.5% and priced at 101.356.

Proceeds will be used to finance capital expenditures for the coming fiscal year.

Issuer:	State of Texas
Issue:	Series 2014 tax and revenue anticipation notes
Amount:	$5.4 billion
Maturity:	Aug. 31, 2015
Coupon:	1.5%
Price:	101.356
Type:	Competitive
Underwriters:	Citigroup Global Markets Inc., BofA Merrill Lynch, Wells Fargo Bank, NA, Barclays, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Piper Jaffray & Co., MUFG, Goldman Sachs & Co., RBC Capital Markets LLC and J.P. Morgan Securities LLC
Weighted NIC:	0.13259750128%
Rating:	Moody’s: MIG 1
Pricing date:	Aug. 26
Settlement date:	Sept. 3

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