By Sheri Kasprzak
New York, Aug. 1 - The Texas Public Finance Authority brought to market $500 million of series 2012 taxable class I revenue notes for the Texas Windstorm Insurance Association, according to an official statement.
The notes were sold through Bank of America Merrill Lynch.
The notes are due Aug. 1, 2015 and have a mandatory tender date on Feb. 1, 2013. The notes initially bear interest at 1% to and including the 60th day after delivery. If the authority does not receive at least two A ratings from nationally recognized ratings agencies or the highest short-term ratings from those agencies within 60 days from the delivery date, the notes will bear interest at 2.5% from the 61st day to the mandatory tender date.
Proceeds will be used to finance the future insurance claim costs incurred by the association.
| Issuer: | Texas Public Finance Authority/Texas Windstorm Insurance Association
|
| Issue: | Series 2012 taxable class I revenue notes
|
| Amount: | $500 million
|
| Maturity: | April 1, 2015
|
| Mandatory tender: | Feb. 1, 2013
|
| Coupon: | 1% initially, 2.5% if, after 60 days from delivery, the authority does not receive at least two A ratings from nationally recognized ratings agencies or the highest short-term ratings from those agencies
|
| Price: | 100
|
| Type: | Negotiated
|
| Underwriter: | Bank of America Merrill Lynch
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 1
|
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