Texas Transportation Commission organizes $1.75 billion revenue bonds

By Sheri Kasprzak

New York, Jan. 13 – The Texas Transportation Commission is set to price $1.75 billion of series 2015 Central Texas Turnpike System revenue bonds, according to a preliminary official statement.

The offering includes $225 million of series 2015A first-tier refunding put bonds (A3/A-/A-), $225 million of series 2015B first-tier revenue refunding bonds (A3/A-/A-) and $1.3 billion of series 2015C second-tier revenue refunding bonds (Baa1/BBB+/BBB).

The bonds will be sold on a negotiated basis with Barclays and J.P. Morgan Securities LLC as the senior managers. The co-managers are Citigroup Global Markets Inc., Frost Bank, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.

The 2015A bonds are due Aug. 15, 2042. The 2015B and 2015C maturities have not been set.

Proceeds will be used to refund the commission’s series 2002A and 2012A-B revenue bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.