Texas Transportation to sell $1.4 billion G.O. and refunding bonds

By Sheri Kasprzak

New York, Nov. 25 – The Texas Transportation Commission plans to come to market with $1.4 billion of series 2014 general obligation mobility fund and refunding bonds, according to a preliminary official statement.

The deal includes $1,225,000,000 of series 2014A bonds and $175 million of series 2014B Sifma index bonds.

The 2014A bonds are due 2015 to 2036. The maturity date for the 2014B bonds has not been set.

The bonds (Aaa/AAA/AAA) will be sold on a negotiated basis with BofA Merrill Lynch and Wells Fargo Securities LLC as the senior managers. The co-managers are Citigroup Global Markets Inc., Frost Bank, Jefferies & Co., Mesirow Financial Inc., Ramirez & Co., Raymond James/Morgan Keegan, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

Proceeds will be used to construct, reconstruct, improve and expand state highways, as well as to refund outstanding parity debt.

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