Texas Transportation Commission to price $1.5 billion in revenue bonds

By Sheri Kasprzak

New York, July 9 - The Texas Transportation Commission plans to sell $1.5 billion in series 2010 state highway fund first-tier revenue bonds, said a preliminary official statement.

The offering includes $115.565 million in series 2010A tax-exempt bonds and $1.384 billion in series 2010B Build America Bonds.

The bonds (Aaa/AAA/) will be sold on a negotiated basis with Goldman, Sachs & Co. as the lead manager. The co-managers are Bank of America Merrill Lynch, Citigroup Global Markets Inc., Estrada Hinojosa & Co. Inc., Morgan Keegan & Co. Inc., M.R. Beal & Co. Inc., Piper Jaffray & Co. Inc. and Southwest Securities Inc.

Proceeds from the sale will be used to construct and improve state highways.

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