Published on 1/14/2015 in the Prospect News Municipals Daily.
New Issue: Texas brings to market $119.95 million water financial assistance bonds
By Sheri Kasprzak
New York, Jan. 14 – The State of Texas sold $119,946,000 of series 2015 water financial assistance general obligation bonds, according to a pricing sheet. The deal was downsized from $123,625,000.
The deal included $6,435,000 of series 2015A-1 bonds, $26.61 million of series 2015A-2 variable bonds, $44,645,000 of series 2015B-1 taxable bonds, $25.34 million of series 2015B-2 variable-rate bonds, $7,365,000 of series 2015C-1 bonds and $9.55 million of series 2015C-2 bonds.
The 2015A-1 bonds are due 2015 to 2017 with 2% to 4% coupons and 0.15% to 0.69% yields.
The 2015A-2 bonds are due Aug. 1, 2029 and have a 2% coupon priced at 100.912 to yield 1.07%.
The 2015B-1 bonds are due 2015 to 2029 with term bonds due in 2034 and 2043. The serial coupons range from 0.857% to 3.341% and yields from 0.165% to 3.341%. The 2034 bonds have a 3.576% coupon and the 2043 bonds have a 3.726% coupon both priced at par.
The 2015B-2 bonds are due Aug. 1, 2023 and have a 1.902% coupon priced at par.
The 2015C-1 bonds are due 2015 to 2023 with coupons from 0.18% to 2.571% all priced at par.
The 2015C-2 bonds are due 2015 to 2029 with coupons from 3% to 4% and yields from 0.30% to 2.72%.
The bonds (Aaa/AAA/AAA) were sold through Morgan Stanley & Co. LLC and Coastal Securities Inc.
Proceeds will be used to refund state’s series 2004A-D water financial assistance G.O. bonds.
| Issuer: | State of Texas
|
| Issue: | Series 2015 water financial assistance general obligation bonds
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| Amount: | $119,946,000
|
| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. LLC and Coastal Securities Inc.
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Fitch: AAA
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| Pricing date: | Jan. 14
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| Settlement date: | Feb. 5
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| $6,435,000 series 2015A-1 bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.45 million | 2015 | Serial | 2% | 100.903 | 0.15%
|
| $1.73 million | 2016 | Serial | 3% | 103.855 | 0.40%
|
| $2,255,000 | 2017 | Serial | 4% | 108.153 | 0.69%
|
|
|
| $26.61 million series 2015A-2 variable-rate bonds
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| Maturity | Type | Coupon | Price | Yield
|
| Aug. 1, 2029 | Term | 2% | 100.912 | 1.07%
|
|
|
| $44,645,000 series 2015B-1 taxable bonds
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $8,235,000 | 2015 | Serial | 3% | 101.384 | 0.165%
|
| $5,055,000 | 2016 | Serial | 3% | 103.718 | 0.49%
|
| $5,045,000 | 2017 | Serial | 0.857% | 100 | 0.857%
|
| $4,845,000 | 2024 | Serial | 2.641% | 100 | 2.641%
|
| $3.68 million | 2025 | Serial | 2.841% | 100 | 2.841%
|
| $2,385,000 | 2026 | Serial | 2.991% | 100 | 2.991%
|
| $2,405,000 | 2027 | Serial | 3.141% | 100 | 3.141%
|
| $2,535,000 | 2028 | Serial | 3.241% | 100 | 3.241%
|
| $2,565,000 | 2029 | Serial | 3.341% | 100 | 3.341%
|
| $3,525,000 | 2034 | Term | 3.576% | 100 | 3.576%
|
| $4.37 million | 2043 | Term | 3.726% | 100 | 3.726%
|
|
|
| $25.34 million series 2015B-2 variable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| Aug. 1, 2023 | Term | 1.902% | 100
|
|
|
| $7,365,000 series 2015C-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $405,000 | 2015 | Serial | 0.18% | 100
|
| $830,000 | 2016 | Serial | 0.52% | 100
|
| $835,000 | 2017 | Serial | 0.857% | 100
|
| $845,000 | 2018 | Serial | 1.402% | 100
|
| $855,000 | 2019 | Serial | 1.806% | 100
|
| $870,000 | 2020 | Serial | 2.036% | 100
|
| $885,000 | 2021 | Serial | 2.271% | 100
|
| $910,000 | 2022 | Serial | 2.441% | 100
|
| $930,000 | 2023 | Serial | 2.571% | 100
|
|
|
| $9.55 million series 2015C-2 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $740,000 | 2015 | Serial | 3% | 101.318 | 0.30%
|
| $315,000 | 2016 | Serial | 3% | 103.855 | 0.40%
|
| $295,000 | 2017 | Serial | 3% | 105.69 | 0.69%
|
| $280,000 | 2018 | Serial | 3.5% | 108.766 | 0.94%
|
| $270,000 | 2019 | Serial | 4% | 112.154 | 1.21%
|
| $255,000 | 2020 | Serial | 4% | 113.633 | 1.41%
|
| $240,000 | 2021 | Serial | 4% | 114.736 | 1.60%
|
| $215,000 | 2022 | Serial | 4% | 115.5 | 1.78%
|
| $195,000 | 2023 | Serial | 4% | 116.561 | 1.88%
|
| $1,125,000 | 2024 | Serial | 4% | 115.206 | 2.04%
|
| $1,125,000 | 2025 | Serial | 4% | 113.702 | 2.22%
|
| $1,125,000 | 2026 | Serial | 4% | 112.221 | 2.40%
|
| $1,125,000 | 2027 | Serial | 4% | 111.327 | 2.51%
|
| $1,125,000 | 2028 | Serial | 4% | 110.522 | 2.61%
|
| $1.12 million | 2029 | Serial | 4% | 109.644 | 2.72%
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