Texas coordinates $123.63 million offering of general obligation bonds

By Sheri Kasprzak

New York, Jan. 6 – The State of Texas is expected to price $123,625,000 of series 2015 water financial assistance general obligation bonds, according to a preliminary official statement.

The offering includes $33.56 million of series 2015A refunding bonds, which are comprised of $6.55 million of series 2015A-1 bonds and $27.01 million of series 2015A-2 variable-rate bonds; $72.77 million of series 2015B refunding bonds, which are comprised of $46,255,000 of series 2015B-1 bonds and $26,515,000 of series 2015B-2 variable-rate bonds; and $17,295,000 of series 2015C refunding bonds, which are comprised of $7.37 million of series 2015C-1 taxable bonds and $9,925,000 of series 2015C-2 bonds.

The bonds (Aaa/AAA/AAA) will be sold through Morgan Stanley & Co. LLC and Coastal Securities Inc.

The 2015A-1 bonds are due 2015 to 2017, and the 2015A-2 bonds are due in 2018. The 2015B-1 bonds are due 2015 to 2017 and 2024 to 2043. The 2015B-2 bonds are due in 2018. The 2015C-1 bonds are due 2015 to 2023, and the 2015C-2 bonds are due 2015 to 2029.

Proceeds will be used to refund the state’s series 2004A-D water financial assistance G.O. bonds.

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