Published on 4/15/2015 in the Prospect News Municipals Daily.
New Issue: Texas Public Finance offers $135.11 million of G.O. refunding bonds
By Sheri Kasprzak
New York, April 15 – The Texas Public Finance Authority sold $135,105,000 of series 2015 general obligation refunding bonds, said a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan.
The offering included $129,845,000 of series 2015A G.O. refunding bonds and $5.26 million of series 2015B park development G.O. refunding bonds.
The 2015A bonds are due 2017 to 2028 with 4% to 5% coupons and 0.77% to 2.51% yields.
The 2015B bonds are due 2015 to 2019 with 2% to 5% coupons and 0.13% to 1.24% yields.
Proceeds will be used to refund existing G.O. debt.
| Issuer: | Texas Public Finance Authority
|
| Issue: | Series 2015 general obligation refunding bonds
|
| Amount: | $135,105,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Raymond James/Morgan Keegan (lead); Hutchinson, Shockey, Erley & Co.; Samco Capital Markets Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | April 15
|
| Settlement date: | May 5
|
|
|
| $129,845,000 series 2015A G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $5 million | 2017 | Serial | 4% | 107.683 | 0.77%
|
| $5.21 million | 2017 | Serial | 5% | 110.061 | 0.77%
|
| $14.63 million | 2018 | Serial | 5% | 113.251 | 1.03%
|
| $15,335,000 | 2019 | Serial | 5% | 116.07 | 1.24%
|
| $15,235,000 | 2020 | Serial | 5% | 118.563 | 1.42%
|
| $15.15 million | 2021 | Serial | 5% | 120.417 | 1.63%
|
| $15,055,000 | 2022 | Serial | 5% | 122.091 | 1.80%
|
| $14,785,000 | 2023 | Serial | 5% | 123.538 | 1.95%
|
| $11,155,000 | 2024 | Serial | 5% | 124.826 | 2.08%
|
| $8.42 million | 2025 | Serial | 5% | 126.124 | 2.18%
|
| $5,275,000 | 2026 | Serial | 5% | 124.752 | 2.31%
|
| $3,845,000 | 2027 | Serial | 5% | 123.812 | 2.40%
|
| $750,000 | 2028 | Serial | 5% | 122.675 | 2.51%
|
|
|
| $5.26 million series 2015B park development G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,535,000 | 2015 | Serial | 2% | 100.757 | 0.13%
|
| $1,505,000 | 2016 | Serial | 3% | 103.625 | 0.41%
|
| $755,000 | 2017 | Serial | 4% | 107.683 | 0.77%
|
| $740,000 | 2018 | Serial | 5% | 113.251 | 1.03%
|
| $725,000 | 2019 | Serial | 5% | 116.07 | 1.24%
|
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