By Sheri Kasprzak
New York, Sept. 23 – The Texas Public Finance Authority sold $500 million of series 2014 premium taxable revenue bonds for the Texas Windstorm Insurance Association, said a pricing sheet.
The bonds were sold through BofA Merrill Lynch.
The bonds are due 2017 and 2024. The 2017 bonds have a 5.25% coupon and the 2024 bonds have an 8.25% coupon, both priced at par.
Proceeds will be used to finance the future costs of the association program and to fund a minimum balance to be held in the debt service fund.
| Issuer: | Texas Public Finance Authority/Texas Windstorm Insurance Association
|
| Issue: | Series 2014 premium taxable revenue bonds
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| Amount: | $500 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Citigroup Global Markets Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; Raymond James/Morgan Keegan; RBC Capital Markets LLC; and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | Sept. 23
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| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $85.4 million | 2017 | Term | 5.25% | 100
|
| $414.6 million | 2024 | Term | 8.25% | 100
|
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