Published on 6/8/2015 in the Prospect News Municipals Daily.
New Issue: Texas offers up $92.92 million of water assistance G.O. bonds
By Sheri Kasprzak
New York, June 8 – The State of Texas sold $92.92 million of series 2015 water financial assistance general obligation bonds, according to a pricing sheet.
The deal included $43,715,000 of series 2015E economically distressed areas program bonds, $37.79 million of series 2015F bonds and $11,415,000 of series 2015G taxable bonds.
The 2015E bonds are due 2015 to 2035 with 2% to 5% coupons and 0.14% to 3.25% yields.
The 2015F bonds are due 2015 to 2024 with coupons from 2% to 5% and yields from 0.14% to 2.41%.
The 2015G bonds are due 2016 to 2027 with a 2030 term bond. The serial coupons range from 0.6% to 3.432%, all priced at par. The 2030 bonds have a 3.682% coupon priced at par.
The bonds (Aaa/AAA/AAA) were sold through Ramirez & Co. Inc.
Proceeds will be used to finance water capital projects for local government entities.
| Issuer: | State of Texas
|
| Issue: | Series 2015 water financial assistance general obligation bonds
|
| Amount: | $92.92 million
|
| Type: | Negotiated
|
| Underwriters: | Ramirez & Co. Inc. (lead), Loop Capital Markets LLC, Mesirow Financial Inc. and Samco Capital Markets Inc. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | May 29
|
| Settlement date: | June 18
|
|
|
| $43,715,000 series 2015E economically distressed areas program bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $5.43 million | 2015 | Serial | 2% | 0.14%
|
| $1,905,000 | 2016 | Serial | 4% | 0.50%
|
| $1,915,000 | 2017 | Serial | 5% | 0.80%
|
| $1,915,000 | 2018 | Serial | 5% | 1.19%
|
| $1,915,000 | 2019 | Serial | 5% | 1.44%
|
| $1,915,000 | 2020 | Serial | 5% | 1.66%
|
| $1,915,000 | 2021 | Serial | 5% | 1.93%
|
| $1,915,000 | 2022 | Serial | 5% | 2.09%
|
| $1,915,000 | 2023 | Serial | 5% | 2.24%
|
| $1,915,000 | 2024 | Serial | 5% | 2.41%
|
| $1,915,000 | 2025 | Serial | 5% | 2.52%
|
| $1,915,000 | 2026 | Serial | 5% | 2.67%
|
| $1,915,000 | 2027 | Serial | 5% | 2.78%
|
| $1,915,000 | 2028 | Serial | 5% | 2.88%
|
| $1,915,000 | 2029 | Serial | 5% | 2.95%
|
| $1,915,000 | 2030 | Serial | 5% | 3.02%
|
| $1,915,000 | 2031 | Serial | 5% | 3.08%
|
| $1,915,000 | 2032 | Serial | 5% | 3.13%
|
| $1,915,000 | 2033 | Serial | 5% | 3.17%
|
| $1,915,000 | 2034 | Serial | 5% | 3.21%
|
| $1.91 million | 2035 | Serial | 5% | 3.25%
|
|
|
| $37.79 million series 2015F bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $1,505,000 | 2015 | Serial | 2% | 0.14%
|
| $5.23 million | 2016 | Serial | 2% | 0.40%
|
| $4.85 million | 2017 | Serial | 5% | 0.80%
|
| $4.6 million | 2018 | Serial | 5% | 1.19%
|
| $4.28 million | 2019 | Serial | 5% | 1.44%
|
| $4.06 million | 2020 | Serial | 5% | 1.66%
|
| $4,145,000 | 2021 | Serial | 5% | 1.93%
|
| $3.63 million | 2022 | Serial | 5% | 2.09%
|
| $3.05 million | 2023 | Serial | 5% | 2.24%
|
| $2.44 million | 2024 | Serial | 5% | 2.41%
|
|
|
| $11,415,000 series 2015G taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $660,000 | 2016 | Serial | 0.60% | 100
|
| $665,000 | 2017 | Serial | 0.971% | 100
|
| $670,000 | 2018 | Serial | 1.352% | 100
|
| $680,000 | 2019 | Serial | 1.86% | 100
|
| $695,000 | 2020 | Serial | 2.06% | 100
|
| $705,000 | 2021 | Serial | 2.381% | 100
|
| $725,000 | 2022 | Serial | 2.531% | 100
|
| $740,000 | 2023 | Serial | 2.732% | 100
|
| $765,000 | 2024 | Serial | 2.862% | 100
|
| $785,000 | 2025 | Serial | 2.982% | 100
|
| $810,000 | 2026 | Serial | 3.162% | 100
|
| $835,000 | 2027 | Serial | 3.432% | 100
|
| $2.68 million | 2030 | Term | 3.682% | 100
|
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