By Cristal Cody
Springdale, Ark., July 16 - The Texas Public Finance Authority priced $214.9 million general obligation and refunding bonds with a 3.06% total true interest cost on Wednesday, a source told Prospect News.
The series 2008A bonds (Aa1/AA/AA+) priced with 4% to 5% coupons to yield 1.85% to 4.61%.
The $157.145 million refunding portion priced with a 3.09% true interest cost. The $57.755 million in new money bonds priced with a 4.2% true interest cost.
The bonds have serial maturities from Oct. 1, 2008 through Oct. 1, 2028.
Piper Jaffray & Co. was the senior manager of the negotiated sale.
Co-managers were 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 and to finance construction, renovations and land acquisitions for the state criminal justice and public safety departments.
| Issuer: | Texas Public Finance Authority
|
| Issue: | Series 2008A general obligation and refunding bonds
|
| Total amount: | $214.9 million
|
| Type: | Negotiated
|
| True interest cost: | 3.06%
|
| Coupons: | 4%-5%
|
| Yields: | 1.85%-4.61%
|
| Maturities: | 2008-2028
|
| Underwriter: | Piper Jaffray & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 5
|
|
|
| Refunding bonds
|
| Issue: | Series 2008A refunding bonds
|
| Amount: | $157.145 million
|
| True interest cost: | 3.09%
|
|
|
| New money
|
| Issue: | Series 2008A general obligation bonds
|
| Amount: | $57.755 million
|
| True interest cost: | 4.2%
|
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