By Sheri Kasprzak
New York, Sept. 22 - The Texas Transportation Commission sold $1 billion of series 2010 Texas highway general obligation bonds (Aaa/AA+/AAA) in two tranches on Wednesday, said a partial pricing sheet.
Kelli Petras, spokeswoman for the commission, told Prospect News that the full terms of the deal were not immediately available, but would be provided on Thursday.
The offering included series 2010A taxable bonds and series 2010B tax-exempt bonds. The terms for the taxable portion were not available. The 2010B bonds are due 2012 to 2018 with coupons from 2% to 5%.
J.P. Morgan Securities Inc. was the senior manager for the offering. The co-managers were Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.
Proceeds will be used to pay for or reimburse the state for highway improvement costs.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2010B tax-exempt Texas highway general obligation bonds
|
| Amount: | $1 billion (total)
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead), Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Ramirez & Co. Inc., Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Sept. 22
|
| Settlement date: | Sept. 29
|
|
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 2% | 102.247
|
| 2012 | Serial | 5% | 106.741
|
| 2013 | Serial | 2% | 103.248
|
| 2013 | Serial | 5% | 110.687
|
| 2014 | Serial | 4% | 110.491
|
| 2014 | Serial | 5% | 113.931
|
| 2015 | Serial | 4% | 111.778
|
| 2015 | Serial | 5% | 110.687
|
| 2015 | Serial | 5% | 116.14
|
| 2016 | Serial | 4% | 112.599
|
| 2016 | Serial | 5% | 117.849
|
| 2017 | Serial | 4% | 112.728
|
| 2017 | Serial | 5% | 118.819
|
| 2018 | Serial | 4% | 112.538
|
| 2018 | Serial | 5% | 119.427
|
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