Texas organizes $500 million sale of Texas Windstorm Insurance bonds

By Sheri Kasprzak

New York, Sept. 15 – The State of Texas is set to price $500 million of series 2014 premium revenue taxable bonds for the Texas Windstorm Insurance Association on Wednesday, according to a preliminary official statement.

The bonds will be sold through senior manager BofA Merrill Lynch.

The co-managers are Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The maturities have not been set.

Proceeds will be used to finance the future costs of the association program and to fund a minimum balance to be held in the debt service fund.

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