Published on 8/8/2013 in the Prospect News Municipals Daily.
New Issue: Texas Public Finance sells $62.36 million Texas Southern bonds
By Sheri Kasprzak
New York, Aug. 8 - The Texas Public Finance Authority priced $62,355,000 of series 2013 refunding bonds for the Texas Southern University, according to a pricing sheet.
The bonds (Baa1//BBB+) were sold through lead manager RBC Capital Markets LLC.
The bonds are due 2013 to 2023 with 2% to 5% coupons and 0.4% to 4.2% yields.
Proceeds will be used to refund the university's series 1998A-1, 1998A-2, 2002 and 2003 revenue bonds.
| Issuer: | Texas Public Finance Authority/Texas Southern University
|
| Issue: | Series 2013 refunding bonds
|
| Amount: | $62,355,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Loop Capital Markets LLC and Mesirow Financial Inc. (co-managers)
|
| Ratings: | Moody's: Baa1
|
| Fitch: BBB+
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,545,000 | 2013 | Serial | 2% | 100.279 | 0.40%
|
| $6.88 million | 2014 | Serial | 4% | 103.842 | 0.71%
|
| $7.16 million | 2015 | Serial | 4% | 106.081 | 1.16%
|
| $7.08 million | 2016 | Serial | 5% | 110.155 | 1.70%
|
| $6,615,000 | 2017 | Serial | 5% | 111.361 | 2.14%
|
| $5,395,000 | 2018 | Serial | 5% | 111.239 | 2.66%
|
| $5,675,000 | 2019 | Serial | 5% | 110.955 | 3.04%
|
| $5,965,000 | 2020 | Serial | 5% | 109.108 | 3.55%
|
| $6,275,000 | 2021 | Serial | 5% | 107.125 | 3.97%
|
| $2,905,000 | 2022 | Serial | 4% | 99.237 | 4.10%
|
| $860,000 | 2023 | Serial | 4% | 98.353 | 4.20%
|
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