Published on 3/6/2014 in the Prospect News Municipals Daily.
New Issue: Texas Transportation Commission brings $1.16 billion state highway debt
By Sheri Kasprzak
New York, March 6 - The Texas Transportation Commission sold $1,157,795,000 of series 2014A revenue and refunding bonds, according to a pricing sheet. The offering was upsized from $891.99 million.
The bonds (Aaa/AAA/) were sold through Piper Jaffray & Co. and Citigroup Global Markets Inc.
The bonds are due 2017 to 2025 with term bonds due in 2031, 2033 and 2034. The serial coupons range from 4.75% to 5%. The 2031 bonds have a 5% coupon priced at 113.737 and the 2033 bonds have a 5% coupon priced at 112.382. The 2034 bonds have a 5% coupon priced at 111.934.
The commission is also expected to price $300 million of series 2014B Sifma index floating-rate bonds, which are due April 1, 2032, but the pricing terms for those bonds were unavailable Thursday.
Proceeds will be used to finance state highway projects and refund existing debt.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2014A revenue and refunding bonds
|
| Amount: | $1,157,795,000
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. and Citigroup Global Markets Inc. (lead), 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 (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | March 6
|
| Settlement date: | April 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $60.59 million | 2017 | Serial | 4.75% | 112.723
|
| $17.08 million | 2017 | Serial | 5% | 113.466
|
| $81.4 million | 2018 | Serial | 5% | 116.447
|
| $85,465,000 | 2019 | Serial | 5% | 118.751
|
| $89.73 million | 2020 | Serial | 5% | 119.495
|
| $94.23 million | 2021 | Serial | 5% | 119.714
|
| $98,935,000 | 2022 | Serial | 5% | 119.781
|
| $103,885,000 | 2023 | Serial | 5% | 120.031
|
| $109.07 million 2024 | Serial | 5% | 120.617
|
| $58,785,000 | 2025 | Serial | 5% | 119.26
|
| $20.46 million | 2031 | Term | 5% | 113.737
|
| $164.96 million 2033 | Term | 5% | 112.382
|
| $173,205,000 | 2034 | Term | 5% | 111.934
|
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