By Sheri Kasprzak
New York, Feb. 20 - The Texas Public Finance Authority confirmed the pricing details of its $224.51 million in general obligation refunding bonds Wednesday.
The bonds priced Feb. 15, according to a source at the issuer.
The bonds (Aa1/AA+/AA) priced in a serial structure from 2009 to 2012 with a term bond due 2015. The coupons came at 5% for all maturities with yields ranging from 2.23% to 3.02%.
UBS Securities LLC was the lead agent for the negotiated sale. Bear, Stearns & Co.; Lehman Brothers; Loop Capital Markets; Piper Jaffray; Ramirez & Co.; and Wachovia Bank were the co-managers.
The proceeds will be used to refund a portion of the authority's outstanding 1997 general obligation refunding bonds. Those bonds have coupons from 4.8% to 5.25%, priced at par in a serial structure from 2009 to 2012, also with a term bond due 2015.
| Issuer: | Texas Public Finance Authority
|
| Issue: | General obligation refunding bonds
|
| Amount: | $224.51 million
|
| Type: | Negotiated
|
| Rating: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Underwriters: | UBS Securities LLC (lead); Bear, Stearns & Co.; Lehman Brothers; Loop Capital Markets; Piper Jaffray; Ramirez & Co.; Wachovia Bank
|
| Pricing date: | Feb. 15
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 2.23%
|
| 2010 | Serial | 5% | 2.30%
|
| 2011 | Serial | 5% | 2.40%
|
| 2012 | Serial | 5% | 2.60%
|
| 2015 | Term | 5% | 3.02%
|
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