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Texas Transportation Commission plans $1.19 billion state highway debt
By Sheri Kasprzak
New York, Feb. 28 - The Texas Transportation Commission is set to price $1,191,990,000 of series 2014 state highway fund first-tier revenue bonds, according to a preliminary official statement.
The deal includes $891.99 million of series 2014A revenue and refunding bonds and $300 million of series 2014B Sifma index floating rate bonds.
The bonds (Aaa/AAA/) will be sold on a negotiated basis with Piper Jaffray & Co. and Citigroup Global Markets Inc. as the senior managers. The co-managers are BofA Merrill Lynch, Barclays, Frost Bank, Jefferies & Co., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC.
The 2014A bonds are due 2017 to 2024, 2031 and 2033 to 2034. The 2014B bonds are due April 1, 2032.
Proceeds will be used to finance state highway projects and refund existing debt.
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