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Texas Public Finance Authority plans $854.74 million sale of unemployment compensation bonds
By Sheri Kasprzak
New York, Nov. 24 - The Texas Public Finance Authority is set to price $854.735 million of series 2010 unemployment compensation obligation assessment revenue bonds, said a preliminary official statement.
The offering includes $554.735 million of series 2010B bonds and $300 million of series 2010C bonds.
The bonds (Aa1/AAA/AA+) will be sold on a negotiated basis with Citigroup Global Markets Inc. and Bank of America Merrill Lynch as the senior managers. The co-managers are Loop Capital Markets LLC; Estrada Hinojosa & Co.; Goldman, Sachs & Co.; Jefferies & Co. Inc.; 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 2010B bonds are due 2018 to 2020 and the 2010C bonds are due 2020.
Proceeds will be used to repay advances made from the federal unemployment trust fund and pay for current unemployment benefits.
Based in Austin, the authority provides funding for a variety of public programs.
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