By Sheri Kasprzak
New York, Sept. 23 - The Texas Transportation Commission released the terms of its $977.81 million sale of series 2010 Texas highway general obligation bonds on Thursday.
The bonds (Aaa/AA+/AAA) were sold on Wednesday through J.P. Morgan Securities Inc. 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.
The offering included $815.42 million of series 2010A Build America Bonds and $162.39 million of series 2010B tax-exempt bonds.
The 2010A bonds are due 2019 to 2026, with term bonds due 2033 and 2040. The serial coupons range from 3.203% to 4.273%, all priced at par. The 2033 bonds have a 4.631% coupon priced at par and the 2040 bonds have a 4.681% coupon priced at par.
The 2010B bonds are due 2012 to 2018 with coupons from 2% to 5%.
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: | $977.81 million
|
| 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
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2019 | Serial | 3.203% | 100
|
| 2020 | Serial | 3.373% | 100
|
| 2021 | Serial | 3.523% | 100
|
| 2022 | Serial | 3.673% | 100
|
| 2023 | Serial | 3.823% | 100
|
| 2024 | Serial | 3.973% | 100
|
| 2025 | Serial | 4.123% | 100
|
| 2026 | Serial | 4.273% | 100
|
| 2033 | Term | 4.631% | 100
|
| 2040 | Term | 4.681% | 100
|
|
|
| Series 2010B
|
| 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% | 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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