By Cristal Cody
Springdale, Ark., July 25 - The Texas Transportation Commission priced $162.99 million state highway fund first tier revenue bonds with a 4.44% true interest cost, a market source said Friday.
The series 2008 bonds (Aa1/AAA/) priced with 5% to 5.25% coupons to yield 3.92% to 4.72% for the serial maturities 2018 through 2028.
The 2013 through 2017 serial maturities were sold through retail orders with 3.5% to 4% coupons to yield 2.3% to 3.27%.
Morgan Keegan & Co. was the senior manager of the negotiated sale. Co-managers were Estrada Hinojosa & Co., First Southwest Co., Siebert Brandford Shank & Co. and Southwest Securities.
Proceeds will be used to finance state highway improvement projects.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2008 state highway fund first tier revenue bonds
|
| Amount: | $162.99 million
|
| Type: | Negotiated
|
| True interest cost: | 4.44%
|
| Coupons: | 5%-5.25%; 3.5%-4% retail
|
| Yields: | 3.92%-4.72%; 2.3%-3.27% retail
|
| Maturities: | 2013-2028
|
| Underwriter: | Morgan Keegan & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 19
|
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