By Sheri Kasprzak
New York, Nov. 18 - The Texas Public Finance Authority sold $1.1 billion of series 2010A unemployment compensation obligation assessment revenue bonds on Tuesday, downsized from $1.238 billion, said a pricing sheet.
The bonds (Aa1/AAA/AA+) were sold through Bank of America Merrill Lynch and Citigroup Global Markets Inc. The co-managers were 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 2017 with 2% to 5% coupons.
Proceeds will be used to repay principal and interest on advances from the federal unemployment trust fund and to fund current unemployment benefits.
Based in Austin, the authority provides funding to a variety of state-operated agencies and local governments.
| Issuer: | Texas Public Finance Authority
|
| Issue: | Series 2010A unemployment compensation obligation assessment revenue bonds
|
| Amount: | $1.1 billion
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (leads); 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 (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 15
|
|
|
| Maturity | Type | Coupon
|
| 2011 | Serial | 2%
|
| 2012 | Serial | 3%
|
| 2012 | Serial | 4%
|
| 2012 | Serial | 5%
|
| 2013 | Serial | 3%
|
| 2013 | Serial | 3%
|
| 2013 | Serial | 4%
|
| 2013 | Serial | 5%
|
| 2013 | Serial | 5%
|
| 2014 | Serial | 3%
|
| 2014 | Serial | 4%
|
| 2014 | Serial | 4%
|
| 2014 | Serial | 5%
|
| 2014 | Serial | 5%
|
| 2015 | Serial | 4%
|
| 2015 | Serial | 4%
|
| 2015 | Serial | 5%
|
| 2015 | Serial | 5%
|
| 2016 | Serial | 4%
|
| 2016 | Serial | 4%
|
| 2016 | Serial | 5%
|
| 2016 | Serial | 5%
|
| 2017 | Serial | 3%
|
| 2017 | Serial | 4%
|
| 2017 | Serial | 4%
|
| 2017 | Serial | 5%
|
| 2017 | Serial | 5%
|
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