Published on 12/5/2012 in the Prospect News Municipals Daily.
New Issue: Texas Transportation Commission brings $918.21 million of G.O. bonds
By Sheri Kasprzak
New York, Dec. 5 - The Texas Transportation Commission sold $918,205,000 of series 2012 highway improvement general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AA+/AAA) were sold through Wells Fargo Securities LLC and Bank of America Merrill Lynch.
The deal included $818,635,000 of series 2012A tax-exempt G.O. bonds and $99.57 million of series 2012B taxable G.O. bonds.
The 2012A bonds are due 2019 to 2033 with term bonds due in 2036 and 2042. The serial bonds have 5% coupons. The 2036 bonds have a 5% coupon priced at 120.599 and the 2042 bonds have a 5% coupon priced at 119.501.
The 2012B bonds are due 2014 to 2019 with 0.3% to 1.5% coupons.
Proceeds will be used to finance or reimburse the commission for the costs of highway improvements.
| Issuer: | Texas Transmission Commission
|
| Issue: | Series 2012 highway improvement general obligation bonds
|
| Amount: | $918,205,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Bank of America Merrill Lynch (lead), Barclays Capital Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, Loop Capital Markets LLC, Ramirez & Co. Inc. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Rating: | Moody's: Aaa
|
| Standard & Poor's: AA+
|
| Fitch: AAA
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 18
|
|
|
| $818,635,000 series 2012A tax-exempt G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $10,915,000 | 2019 | Serial | 5% | 124.932
|
| $19,495,000 | 2020 | Serial | 5% | 127.233
|
| $20.47 million | 2021 | Serial | 5% | 128.973
|
| $21,495,000 | 2022 | Serial | 5% | 130.03
|
| $22.57 million | 2023 | Serial | 5% | 128.631
|
| $23.7 million | 2024 | Serial | 5% | 127.74
|
| $24.88 million | 2025 | Serial | 5% | 126.955
|
| $26,125,000 | 2026 | Serial | 5% | 126.273
|
| $27,435,000 | 2027 | Serial | 5% | 125.692
|
| $28,805,000 | 2028 | Serial | 5% | 125.113
|
| $30,245,000 | 2029 | Serial | 5% | 124.538
|
| $31,755,000 | 2030 | Serial | 5% | 123.966
|
| $33,345,000 | 2031 | Serial | 5% | 123.492
|
| $35.01 million | 2032 | Serial | 5% | 122.926
|
| $36.76 million | 2033 | Serial | 5% | 122.363
|
| $121,685,000 | 2036 | Term | 5% | 120.599
|
| $303,945,000 | 2042 | Term | 5% | 119.501
|
|
|
| $99.57 million series 2012B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18,105,000 | 2014 | Serial | 0.3% | 100
|
| $18.16 million | 2015 | Serial | 0.375% | 100
|
| $18,225,000 | 2016 | Serial | 1.5% | 103.089
|
| $18.5 million | 2017 | Serial | 0.8% | 100
|
| $18,645,000 | 2018 | Serial | 1.1% | 100
|
| $7,935,000 | 2019 | Serial | 1.25% | 100
|
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