Texas Transportation plans to sell $1 billion G.O. bonds Sept. 21-22

By Sheri Kasprzak

New York, Sept. 16 - The Texas Transportation Commission is set to price $1 billion in previously announced series 2010 Texas highway general obligation bonds, said a sellsider close to the offering.

The bonds (Aaa/AA+/AAA) are likely to price Tuesday or Wednesday, depending upon market conditions.

J.P. Morgan Securities Inc. is the lead manager with Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC as the co-managers.

Proceeds will be used to pay for or reimburse the state for highway improvement costs.

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