New Issue: Texas A&M University System prices $349.725 million revenue bonds at a TIC of 4.10%

By Aaron Hochman-Zimmerman

New York, Feb. 12 - Texas A&M University System priced $349.725 million series 2009 revenue financing system bonds (Aa1/AA+/), according to treasurer Gregory Anderson.

The bonds priced with a TIC of 4.10% and a yield range of 0.88% to 5.04%.

The negotiated deal came in two tranches.

J.P. Morgan Securities Inc. acted as the underwriter for the $270.96 million series 2009A bonds and Morgan Keegan & Co. Inc. acted as the underwriter for the $78.765 million series 2009B bonds.

The series A bonds carry maturities from 2010 to 2019, while the series B bonds extend from 2010 to 2029.

Two term bonds will mature in 2034 and 2039.

Bonds due from 2020 to 2029 are callable except the 4.3% due May 15, 2024.

Proceeds will be used to construct, equip and acquire facilities and refinance existing commercial paper.

Texas A&M University is headquartered in College Station.

Issuer: Texas A&M University System

Issue: Series 2009 revenue financing system bonds

Amount:	$349.725 million
Maturity range:	2011 to 2029 (serial), 2034, 2039 (term)
Type:	Negotiated
Underwriters:	J.P. Morgan Securities Inc., Morgan Keegan & Co. Inc.
True Interest Cost:	4.10%
Call options:	Bonds due 2020 to 2029 are callable except the 4.3% due May 15, 2024
Pricing date:	Feb.12
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
Serial bonds
Maturity		Type	Amount		Coupon	Yield	Price
May 15, 2010	Serial	$16.265 million	4.000%	0.880%	103.646
May 15, 2011	Serial	$2.300 million	3.000%	1.440%	103.331
May 15, 2011	Serial	$14.795 million	5.000%	1.440%	107.603
May 15, 2012	Serial	$2.480 million	3.000%	1.630%	104.224
May 15, 2012	Serial	$7.995 million	5.000%	1.630%	110.392
May 15, 2013	Serial	$2.555 million	4.000%	1.800%	108.813
May 15, 2013	Serial	$8.395 million	5.000%	1.800%	112.820
May 15, 2014	Serial	$2.650 million	2.250%	2.080%	100.829
May 15, 2014	Serial	$3.000 million	4.000%	2.080%	109.376
May 15, 2014	Serial	$5.810 million	5.000%	2.080%	114.260
May 15, 2015	Serial	$2.715 million	3.000%	2.260%	104.242
May 15, 2015	Serial	$9.225 million	5.000%	2.260%	115.712
May 15, 2016	Serial	$4.790 million	3.000%	2.440%	103.664
May 15, 2016	Serial	$7.685 million	5.000%	2.440%	116.759
May 15, 2017	Serial	$2.875 million	3.000%	2.670%	102.407
May 15, 2017	Serial	$10.130 million	5.000%	2.670%	117.012
May 15, 2018	Serial	$2.620 million	3.250%	2.910%	102.718
May 15, 2018	Serial	$2.000 million	3.500%	2.910%	104.719
May 15, 2018	Serial	$8.635 million	5.000%	2.910%	116.723
May 15, 2019	Serial	$6.705 million	4.000%	3.160%	107.258
May 15, 2019	Serial	$7.135 million	5.000%	3.160%	115.903
May 15, 2020	Serial	$14.465 million	5.000%	3.400%	113.663
May 15, 2021	Serial	$15.190 million	5.000%	3.680%	111.116
May 15, 2022	Serial	$15.950 million	5.000%	3.850%	109.602
May 15, 2023	Serial	$16.755 million	5.000%	4.010%	108.201
May 15, 2024	Serial	$4.000 million	4.300%	4.300%	100.000
May 15, 2024	Serial	$13.590 million	5.000%	4.180%	106.735
May 15, 2025	Serial	$18.435 million	5.000%	4.300%	105.715
May 15, 2026	Serial	$19.365 million	5.000%	4.410%	104.790
May 15, 2027	Serial	$20.325 million	5.000%	4.520%	103.874
May 15, 2028	Serial	$21.345 million	5.000%	4.610%	103.133
May 15, 2029	Serial	$22.415 million	5.000%	4.660%	102.724
Term bonds
Maturity		Type	Maturity Value	Coupon	Yield	Price
May 15, 2034	Term	$7.450 million	5.000%	5.000%	100.000
May 15, 2039	Term	$9.500 million	5.000%	5.040%	99.375

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