Published on 7/19/2011 in the Prospect News Municipals Daily.
New Issue: Texas Public Finance prices $344.02 million G.O. and refunding bonds
By Sheri Kasprzak
New York, July 19 - The Texas Public Finance Authority sold $344.02 million of series 2011 general obligation and refunding bonds, according to a pricing sheet.
The bonds (Aaa//AAA) were sold on a negotiated basis with Siebert Brandford Shank & Co. LLC and RBC Capital Markets LLC as the senior managers. The co-managers were Barclays Capital Inc., Hutchinson, Shockey, Erley & Co., M.R. Beal & Co., Ramirez & Co., Samco Capital Markets LLC and Sterne, Agee & Leach Inc.
The bonds are due 2012 to 2031 with 2.5% to 5% coupons.
Proceeds will be used to finance projects for the Texas Department of Criminal Justice, the Department of State Health Services, the Texas Facilities Commission and the Texas State School for the Blind and Visually Impaired, as well as to refund some of the authority's outstanding debt.
| Issuer: | Texas Public Finance Authority
|
| Issue: | Series 2011 general obligation and refunding bonds
|
| Amount: | $344.02 million
|
| Type: | Negotiated
|
| Underwriters: | Siebert Brandford Shank & Co. LLC and RBC Capital Markets LLC (lead), Barclays Capital Inc., Hutchinson, Shockey, Erley & Co., M.R. Beal & Co., Ramirez & Co., Samco Capital Markets LLC and Sterne, Agee & Leach Inc. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Pricing date: | July 19
|
| Settlement date: | July 28
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $17.425 million | 2012 | Serial | 3% | 103.146
|
| $4.995 million | 2013 | Serial | 3% | 105.535
|
| $4.26 million | 2013 | Serial | 4% | 107.697
|
| $2.375 million | 2014 | Serial | 4% | 110.243
|
| $8.955 million | 2014 | Serial | 5% | 113.376
|
| $630,000 | 2015 | Serial | 2.5% | 106.202
|
| $26.08 million | 2015 | Serial | 5% | 116.404
|
| $25.355 million | 2016 | Serial | 5% | 118.292
|
| $3.745 million | 2017 | Serial | 2.5% | 104.729
|
| $19.725 million | 2017 | Serial | 5% | 119.329
|
| $4.085 million | 2018 | Serial | 3% | 106.032
|
| $19.875 million | 2018 | Serial | 5% | 119.292
|
| $26.245 million | 2019 | Serial | 5% | 118.784
|
| $2.275 million | 2020 | Serial | 4% | 110.328
|
| $24.565 million | 2020 | Serial | 5% | 118.399
|
| $2.275 million | 2021 | Serial | 3.5% | 105.341
|
| $25.105 million | 2021 | Serial | 5% | 118.481
|
| $28.085 million | 2022 | Serial | 5% | 116.657
|
| $100,000 | 2023 | Serial | 3.125% | 98.254
|
| $24.465 million | 2023 | Serial | 5% | 115.428
|
| $10.025 million | 2024 | Serial | 5% | 114.122
|
| $10.025 million | 2025 | Serial | 5% | 112.925
|
| $10.02 million | 2026 | Serial | 5% | 112.106
|
| $10.02 million | 2027 | Serial | 5% | 111.293
|
| $10.02 million | 2028 | Serial | 5% | 110.487
|
| $10.02 million | 2029 | Serial | 5% | 109.689
|
| $10.02 million | 2030 | Serial | 5% | 108.897
|
| $3.25 million | 2031 | Serial | 4% | 97.292
|
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