Texas Public Finance Authority preps $1.24 billion sale of unemployment compensation bonds

By Sheri Kasprzak

New York, Nov. 12 - The Texas Public Finance Authority is set to sell $1,237,565,000 of series 2010A unemployment compensation obligation assessment revenue bonds, according to a preliminary official statement.

Pricing is expected on Thursday.

The bonds (Aa1/AAA/AA+) will be sold on a negotiated basis with Bank of America Merrill Lynch and Citigroup Global Markets Inc. as the senior managers. The co-managers are Estrada Hinojosa & Co. Inc.; Loop Capital Markets LLC; Goldman Sachs & Co.; Jefferies & Co.; J.P. Morgan Securities LLC; Morgan Keegan & Co. Inc.; Morgan Stanley & Co. Inc.; Raymond James & Associates Inc.; RBC Capital Markets Corp.; and Siebert Brandford Shank & Co. LLC.

The bonds are due 2011 to 2018.

Proceeds will be used to repay principal and interest on advances from the federal unemployment trust fund, as well as to fund current unemployment benefits.

Based in Austin, Texas, the authority finances and refinances project costs for state agencies.

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