Texas Transportation preps $1.1 billion general obligation bond sale

By Sheri Kasprzak

New York, Sept. 24 – The Texas Transportation Commission is set to price $1.1 billion of series 2014 Texas highway improvement general obligation bonds, according to a preliminary official statement.

The bonds (Aaa/AAA/AAA) will be sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers are RBC Capital Markets LLC, BofA Merrill Lynch, Fidelity Capital Markets Inc., Jefferies & Co., Loop Capital Markets LLC, Mesirow Financial Inc., Piper Jaffray & Co., Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC.

The bonds are due 2015 to 2036 with term bonds due in 2039 and 2044.

Proceeds will be used to finance or reimburse the Texas Highway Fund for highway capital improvement projects.

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