Published on 7/27/2010 in the Prospect News Municipals Daily.
New Issue: Texas Transportation sells $1.5 billion state highway revenue bonds
By Sheri Kasprzak
New York, July 27 - The Texas Transportation Commission priced $1.5 billion in series 2010B state highway fund first-tier revenue Build America Bonds (Aaa/AAA/), according to a pricing sheet.
The sale included $292.955 million in bonds due April 1, 2026 and $1,204,045,000 in bonds due April 1, 2030. The 2026 bonds have a 5.028% coupon priced at par. The 2030 bonds have a 5.178% coupon, also priced at par.
Goldman Sachs & Co. was the senior manager. The co-managers were 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 will be used to construct and improve state highways.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2010B state highway fund first-tier revenue Build America Bonds
|
| Amount: | $1.5 billion
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), 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. (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | July 27
|
| Settlement date: | Aug. 5
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| April 1, 2026 | Term | 5.028% | 100
|
| April 1, 2030 | Term | 5.178% | 100
|
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