Published on 6/20/2014 in the Prospect News Municipals Daily.
New Issue: Texas Transportation offers up $973.78 million of G.O. refunding bonds
By Sheri Kasprzak
New York, June 20 – The Texas Transportation Commission sold $973,775,000 of series 2014 general obligation mobility fund refunding bonds, said a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through BofA Merrill Lynch.
The bonds are due 2016 to 2034 with 4% to 5% coupons and 0.3% to 3.49% yields.
Proceeds will be used to finance the costs of constructing, expanding and improving state highways, as well as to refund existing parity bonds.
| Issuer: | Texas Transportation Commission
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| Issue: | Series 2014 general obligation mobility fund refunding bonds
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| Amount: | $973,775,000
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Barclays, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Fitch: AAA
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| Pricing date: | June 20
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| Settlement date: | July 2
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| Amount | Maturity | Type | Coupon | Price | Yield
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| $24,845,000 | 2016 | Serial | 5% | 110.518 | 0.3%
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| $23.79 million | 2017 | Serial | 4% | 110.439 | 0.74%
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| $33,185,000 | 2018 | Serial | 5% | 116.183 | 1.09%
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| $36,875,000 | 2019 | Serial | 5% | 118.149 | 1.4%
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| $40.95 million | 2020 | Serial | 5% | 119.477 | 1.7%
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| $44.24 million | 2021 | Serial | 5% | 120.517 | 1.95%
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| $47.71 million | 2022 | Serial | 5% | 121.43 | 2.15%
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| $51,445,000 | 2023 | Serial | 5% | 122.092 | 2.33%
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| $55.36 million | 2024 | Serial | 5% | 121.987 | 2.45%
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| $59,455,000 | 2025 | Serial | 5% | 120.638 | 2.59%
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| $63.8 million | 2026 | Serial | 5% | 119.496 | 2.71%
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| $68,385,000 | 2027 | Serial | 5% | 118.742 | 2.79%
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| $73,305,000 | 2028 | Serial | 5% | 118.18 | 2.85%
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| $77.8 million | 2029 | Serial | 5% | 117.529 | 2.92%
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| $50 million | 2030 | Serial | 5% | 117.066 | 2.97%
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| $52.29 million | 2031 | Serial | 4% | 105.533 | 3.33%
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| $54.43 million | 2032 | Serial | 4% | 104.938 | 3.4%
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| $56,645,000 | 2033 | Serial | 4% | 104.178 | 3.49%
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| $59,265,000 | 2034 | Serial | 5% | 114.875 | 3.21%
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