Texas Public Finance to price $225 million G.O. and refunding bonds

By Cristal Cody

Springdale, Ark., June 30 - The Texas Public Finance Authority tentatively plans to price $225 million general obligation and refunding bonds the week of July 16, the issuer said Monday.

The sale date for the series 2008A bonds (Aa1/AA/AA+) will depend on market conditions, said Kim Edwards, executive director.

The bonds have serial maturities from Oct. 1, 2008 through Oct. 1, 2028.

Piper Jaffray & Co. is the senior manager of the negotiated sale.

Co-managers are Estrada Hinojosa & Co.; Morgan Stanley; JPMorgan; RBC Capital Markets; Merrill Lynch & Co.; Siebert Brandford Shank & Co.; Morgan Keegan & Co. and Stone & Youngberg.

Proceeds will be used to refund the 2009 through 2015 maturities from the series 1998B general obligation bonds, which have call dates on Oct. 1, 2008 and sold with 4.5% to 5.125% interest rates.

Proceeds also will be used to finance land acquisitions and to finance construction and renovations for the state criminal justice and public safety departments.

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