By Cristal Cody
Springdale, Ark., June 4 - The Texas Higher Education Coordinating Board priced $101.45 million general obligation bonds (Aa1/AA/) with 4.6367% and 5.075% true interest costs, the board's financial adviser said Wednesday.
The $74.115 million series 2008A college student loan bonds priced on Tuesday with a 5.075% true interest cost, said Erin Donner, analyst with First Southwest Co.
The bonds priced with 5% to 5.5% coupons to yield 3.75% to 5.3%, she said.
The $27.335 million series 2008B college student loan refunding bonds priced with a 4.6367% true interest cost, Donner said.
The bonds priced with 5% to 5.5% coupons to yield 4.05% to 4.64%.
The series 2008A bonds have serial maturities from 2012 through 2032. The series 2008B bonds have maturities from 2014 through 2018.
Lehman Brothers won the bidding in the series 2008A competitive bond sale.
Citigroup Global Markets was the successful bidder on the series 2008B bonds.
Proceeds will be used to fund a student loan program and to refund the outstanding $26.82 million in Aug. 1, 2009 maturities from the series 1997, 1999, 2000 and 2002 student loan bonds.
| Issuer: | Texas Higher Education Coordinating Board
|
| Issue: | General obligation bonds
|
| Amount: | $101.45 million
|
| Type: | Competitive
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Pricing date: | June 3
|
|
|
| Series 2008A
|
| Amount: | $74.115 million
|
| True interest cost: | 5.075%
|
| Coupons: | 5% to 5.5%
|
| Yields: | 3.75% to 5.3%
|
| Maturities: | 2012 to 2032
|
| Underwriter: | Lehman Brothers
|
|
|
| Series 2008B
|
| Amount: | $27.335 million
|
| True interest cost: | 4.6367%
|
| Coupons: | 5% to 5.5%
|
| Yields: | 4.05% to 4.64%
|
| Maturities: | 2014 to 2018
|
| Underwriter: | Citigroup Global Markets
|
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