Published on 10/28/2015 in the Prospect News Municipals Daily.
New Issue: Texas brings to market $234.97 million water financial assistance G.O.s
By Sheri Kasprzak
New York, Oct. 28 – The State of Texas sold $234,965,000 of series 2015D water financial assistance general obligation bonds, according to a pricing sheet. The deal was upsized from $222,475,000.
The bonds (Aaa/AAA/AAA) were sold through Jefferies & Co.
The bonds are due 2021 to 2037 with term bonds due in 2040 and 2045. The serial coupons range from 2.5% to 5% with yields from 1.43% to 3.37%. The 2040 bonds have a 5% coupon priced at 114.875 to yield 3.17% and the 2045 bonds have a 4% coupon priced at 102.781 to yield 3.65%.
Proceeds will be used to finance water assistance projects.
| Issuer: | State of Texas
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| Issue: | Series 2015D water financial assistance general obligation bonds
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| Amount: | $234,965,000
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| Type: | Negotiated
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| Underwriters: | Jefferies & Co. (lead), Frost Bank, FTN Financial Capital Markets, Piper Jaffray & Co., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
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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: | Oct. 27
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| Settlement date: | Nov. 24
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,305,000 | 2021 | Serial | 5% | 118.735 | 1.43%
|
| $2.51 million | 2022 | Serial | 5% | 120.356 | 1.67%
|
| $2.93 million | 2023 | Serial | 5% | 121.584 | 1.89%
|
| $3,165,000 | 2024 | Serial | 5% | 122.842 | 2.05%
|
| $3.42 million | 2025 | Serial | 5% | 124.022 | 2.18%
|
| $3,685,000 | 2026 | Serial | 2.5% | 100 | 2.50%
|
| $3,875,000 | 2027 | Serial | 2.8% | 100.497 | 2.74%
|
| $4.08 million | 2028 | Serial | 3% | 100.492 | 2.94%
|
| $4,295,000 | 2029 | Serial | 3.15% | 100.325 | 3.11%
|
| $4.53 million | 2030 | Serial | 3.3% | 100.404 | 3.25%
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| $4.78 million | 2031 | Serial | 3.4% | 100.24 | 3.37%
|
| $5.04 million | 2032 | Serial | 4% | 106.325 | 3.22%
|
| $5,395,000 | 2033 | Serial | 5% | 117.197 | 2.91%
|
| $5,765,000 | 2034 | Serial | 5% | 116.747 | 2.96%
|
| $6,155,000 | 2035 | Serial | 5% | 116.567 | 2.98%
|
| $9,945,000 | 2036 | Serial | 5% | 116.119 | 3.03%
|
| $12.61 million | 2037 | Serial | 5% | 115.762 | 3.07%
|
| $49,085,000 | 2040 | Term | 5% | 114.875 | 3.17%
|
| $101,395,000 | 2045 | Term | 4% | 102.781 | 3.65%
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