Published on 12/7/2010 in the Prospect News Municipals Daily.
New Issue: Texas Public Finance sells $854.74 million unemployment compensation revenue bonds
By Sheri Kasprzak
New York, Dec. 7 - The Texas Public Finance Authority sold $854.735 million of series 2010 unemployment compensation obligation assessment revenue bonds (Aa1/AAA/AA+) on Tuesday, said a term sheet.
The bonds were sold through Citigroup Global Markets Inc. and Bank of America Merrill Lynch. The co-managers were Loop Capital Markets, 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 deal included $554.735 million of series 2010B bonds and $300 million of series 2010C bonds.
The 2010B bonds are due 2018 to 2020 and have 5% coupons across the board. The 2010C bonds are due 2020 and have a 2.6% coupon priced at par.
Proceeds will be used to repay advances made from the federal unemployment trust fund and pay for current unemployment benefits.
| Issuer: | Texas Public Finance Authority
|
| Issue: | Series 2010 unemployment compensation obligation assessment revenue bonds
|
| Amount: | $854.735 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and Bank of America Merrill Lynch (lead), Loop Capital Markets, 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 (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 16
|
|
|
| $554.735 million series 2010B
|
| Maturity | Type | Coupon
|
| 2018 | Serial | 5%
|
| 2018 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2019 | Serial | 5%
|
| 2020 | Serial | 5%
|
|
|
| $300 million series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2020 | Term | 2.6% | 100
|
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