Published on 7/7/2016 in the Prospect News Municipals Daily.
New Issue: Texas prices $149.54 million of water financial assistance G.O. bonds
By Sheri Kasprzak
New York, July 7 – The State of Texas priced $149.54 million of series 2016 water financial assistance general obligation, said a pricing sheet.
The deal included $58,555,000 of series 2016B-1 bonds, $30.36 million of series 2016B-2 variable-rate bonds, $18.95 million of series 2016B-3 bonds, $28,815,000 of series 2016C-1 bonds, $1.31 million of series 2016C-2 taxable refunding bonds and $11.55 million of series 2016D refunding bonds.
The 2016B-1 bonds are due 2017 to 2036 with term bonds due in 2041 and 2045. The serial coupons range from 4% to 5% with yields from 0.57% to 2.35%. The 2041 bonds have a 4% coupon priced at 113.729 to yield 2.45%, and the 2045 bonds have a 4% coupon priced at 113.348 to yield 2.49%.
The 2016B-2 bonds are due Aug. 1, 2025 and have an initial coupon of 2% and an initial yield of 0.95%.
The 2016B-3 bonds are due 2017 to 2027 with 0.718% to 2.645% coupons all priced at par.
The 2016C-1 bonds are due 2017 to 2025 with coupons from 4% to 5% and yields from 0.57% to 1.41%.
The 2016C-2 bonds are due 2017 to 2024 with 0.718% to 2.165% coupons all priced at par.
The 2016D bonds are due 2023 to 2035 with 5% coupons and yields from 1.22% to 1.74%.
The bonds (Aaa/AAA/AAA) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance loans to local governments for water improvements projects and refund debt.
| Issuer: | State of Texas
|
| Issue: | Series 2016 water financial assistance general obligation bonds
|
| Amount: | $149.54 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Coastal Securities Inc., Frost Bank, Goldman, Sachs & Co. and Stifel, Nicolaus & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Fitch: AAA
|
| Pricing date: | June 28
|
| Settlement date: | July 14
|
|
|
| $58,555,000 series 2016B-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5.49 million | 2017 | Serial | 4% | 103.575 | 0.57%
|
| $5,135,000 | 2018 | Serial | 5% | 108.788 | 0.67%
|
| $8,345,000 | 2019 | Serial | 5% | 112.747 | 0.76%
|
| $2,345,000 | 2020 | Serial | 5% | 116.301 | 0.89%
|
| $2,465,000 | 2021 | Serial | 5% | 119.585 | 1.01%
|
| $2,375,000 | 2022 | Serial | 5% | 122.558 | 1.13%
|
| $2.26 million | 2023 | Serial | 5% | 125.45 | 1.22%
|
| $2.13 million | 2024 | Serial | 5% | 128.006 | 1.32%
|
| $3.19 million | 2025 | Serial | 5% | 130.392 | 1.41%
|
| $4.48 million | 2026 | Serial | 5% | 132.42 | 1.51%
|
| $2.33 million | 2027 | Serial | 5% | 131.114 | 1.63%
|
| $1.21 million | 2028 | Serial | 4% | 120.442 | 1.77%
|
| $1,265,000 | 2029 | Serial | 4% | 119.326 | 1.88%
|
| $1,315,000 | 2030 | Serial | 4% | 118.421 | 1.97%
|
| $1,365,000 | 2031 | Serial | 4% | 117.624 | 2.05%
|
| $1.42 million | 2032 | Serial | 4% | 116.832 | 2.13%
|
| $1,475,000 | 2033 | Serial | 4% | 115.95 | 2.22%
|
| $1.53 million | 2034 | Serial | 4% | 115.463 | 2.27%
|
| $1,595,000 | 2035 | Serial | 4% | 115.075 | 2.31%
|
| $1,665,000 | 2036 | Serial | 4% | 114.688 | 2.35%
|
| $2.64 million | 2041 | Term | 4% | 113.729 | 2.45%
|
| $2.53 million | 2045 | Term | 4% | 113.348 | 2.49%
|
|
|
| $30.36 million series 2016B-2 variable-rate bonds
|
| Maturity | Type | Initial coupon | Initial yield
|
| Aug. 1, 2025 | Term | 2% | 0.95%
|
|
|
| $18.95 million series 2016B-3 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.66 million | 2017 | Serial | 0.718% | 100
|
| $1,965,000 | 2018 | Serial | 0.863% | 100
|
| $2.23 million | 2019 | Serial | 1.062% | 100
|
| $2,255,000 | 2020 | Serial | 1.305% | 100
|
| $1,725,000 | 2021 | Serial | 1.505% | 100
|
| $1.75 million | 2022 | Serial | 1.737% | 100
|
| $1.79 million | 2023 | Serial | 1.937% | 100
|
| $1,105,000 | 2024 | Serial | 2.185% | 100
|
| $1,125,000 | 2025 | Serial | 2.365% | 100
|
| $1.16 million | 2026 | Serial | 2.465% | 100
|
| $1,185,000 | 2027 | Serial | 2.645% | 100
|
|
|
| $28,815,000 series 2016C-1 bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2,505,000 | 2017 | Serial | 4% | 103.575 | 0.57%
|
| $2,615,000 | 2018 | Serial | 5% | 108.788 | 0.67%
|
| $2,815,000 | 2019 | Serial | 5% | 112.747 | 0.76%
|
| $5.45 million | 2020 | Serial | 5% | 116.301 | 0.89%
|
| $4,325,000 | 2021 | Serial | 5% | 119.585 | 1.01%
|
| $4.24 million | 2022 | Serial | 5% | 122.558 | 1.13%
|
| $3,095,000 | 2023 | Serial | 5% | 125.45 | 1.22%
|
| $2.53 million | 2024 | Serial | 5% | 128.006 | 1.32%
|
| $1.24 million | 2025 | Serial | 5% | 130.392 | 1.41%
|
|
|
| $1.31 million series 2016C-2 taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $140,000 | 2017 | Serial | 0.718% | 100
|
| $145,000 | 2018 | Serial | 0.863% | 100
|
| $150,000 | 2019 | Serial | 1.062% | 100
|
| $245,000 | 2020 | Serial | 1.305% | 100
|
| $195,000 | 2021 | Serial | 1.505% | 100
|
| $185,000 | 2022 | Serial | 1.737% | 100
|
| $140,000 | 2023 | Serial | 1.967% | 100
|
| $110,000 | 2024 | Serial | 2.165% | 100
|
|
|
| $11.55 million series 2016D refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $510,000 | 2023 | Serial | 5% | 121.97 | 1.22%
|
| $540,000 | 2024 | Serial | 5% | 121.71 | 1.26%
|
| $565,000 | 2025 | Serial | 5% | 121.45 | 1.30%
|
| $600,000 | 2026 | Serial | 5% | 121.191 | 1.34%
|
| $620,000 | 2027 | Serial | 5% | 120.867 | 1.39%
|
| $660,000 | 2028 | Serial | 5% | 120.674 | 1.42%
|
| $690,000 | 2029 | Serial | 5% | 120.545 | 1.44%
|
| $725,000 | 2030 | Serial | 5% | 120.16 | 1.50%
|
| $1.29 million | 2031 | Serial | 5% | 119.84 | 1.55%
|
| $1,325,000 | 2032 | Serial | 5% | 119.52 | 1.60%
|
| $1,365,000 | 2033 | Serial | 5% | 119.204 | 1.65%
|
| $1.42 million | 2034 | Serial | 5% | 118.887 | 1.70%
|
| $1.24 million | 2035 | Serial | 5% | 118.634 | 1.74%
|
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