Published on 12/4/2014 in the Prospect News Municipals Daily.
New Issue: Texas Transportation sells $1.58 billion mobility fund, refunding bonds
By Sheri Kasprzak
New York, Dec. 4 – The Texas Transportation Commission priced $1,580,160,000 of series 2014 general obligation mobility fund and refunding bonds, said a pricing sheet. The offering was upsized from $1.4 billion.
The bonds (Aaa/AAA/AAA) were sold through senior managers BofA Merrill Lynch and Wells Fargo Securities LLC.
The bonds are due 2017 to 2035 with term bonds due in 2039 and 2044. The serial coupons range from 4% to 5% with 0.65% to 3.23% yields. The 2039 bonds have a 5% coupon priced at 115.744 to yield 3.12%. The 2044 bonds have a 4% coupon priced at 103.27 to yield 3.60% and a 5% coupon priced at 114.835 to yield 3.22%.
Proceeds will be used to construct, reconstruct, improve and expand state highways, as well as to refund outstanding parity debt.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2014A bonds
|
| Amount: | $1,580,160,000
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch and Wells Fargo Securities LLC (lead), 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 (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 18
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $24.65 million | 2017 | Serial | 5% | 111.99 | 0.65%
|
| $30,155,000 | 2018 | Serial | 5% | 115.065 | 0.94%
|
| $35.99 million | 2019 | Serial | 5% | 117.57 | 1.21%
|
| $42,205,000 | 2020 | Serial | 5% | 119.325 | 1.50%
|
| $48.77 million | 2021 | Serial | 5% | 120.565 | 1.77%
|
| $55.75 million | 2022 | Serial | 5% | 121.85 | 1.96%
|
| $63,115,000 | 2023 | Serial | 5% | 123.334 | 2.08%
|
| $70,945,000 | 2024 | Serial | 5% | 124.627 | 2.19%
|
| $79.24 million | 2025 | Serial | 5% | 123.338 | 2.32%
|
| $88 million | 2026 | Serial | 5% | 122.065 | 2.45%
|
| $33,255,000 | 2027 | Serial | 5% | 121.386 | 2.52%
|
| $71.23 million | 2028 | Serial | 5% | 120.615 | 2.60%
|
| $700,000 | 2029 | Serial | 5% | 120.041 | 2.66%
|
| $117,775,000 | 2030 | Serial | 5% | 119.565 | 2.71%
|
| $34,195,000 | 2031 | Serial | 4% | 107.718 | 3.08%
|
| $35,595,000 | 2032 | Serial | 4% | 107.281 | 3.13%
|
| $37,045,000 | 2033 | Serial | 4% | 106.845 | 3.18%
|
| $38.56 million | 2034 | Serial | 4% | 106.412 | 3.23%
|
| $22,985,000 | 2035 | Serial | 5% | 117.218 | 2.96%
|
| $134.06 million | 2039 | Term | 5% | 115.744 | 3.12%
|
| $100 million | 2044 | Term | 4% | 103.27 | 3.60%
|
| $415.94 million | 2044 | Term | 5% | 114.835 | 3.22%
|
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