Published on 1/21/2015 in the Prospect News Municipals Daily.
New Issue: Texas Transportation Commission sells $1.83 billion of turnpike bonds
By Sheri Kasprzak
New York, Jan. 21 – The Texas Transportation Commission sold $1,827,880,000 of series 2015 Central Texas Turnpike System revenue bonds, according to a pricing sheet. The deal was upsized from $1.75 billion.
The deal included $225 million of series 2015A first-tier refunding put bonds (A3/A-/A-), $199,135,000 of series 2015B first-tier revenue refunding bonds (A3/A-/A-), $240 million of series 2015B capital appreciation bonds (A3/A-/A-) and $1,163,745,000 of series 2015C second-tier revenue refunding bonds (Baa1/BBB+/BBB).
The bonds were sold through Barclays and J.P. Morgan Securities LLC.
The 2015A bonds are due Aug. 15, 2042 and have a 5% coupon to yield 1.62%.
The 2015B first-tier bonds are due 2032 and 2037 with 5% coupons.
The 2015B capital appreciation bonds are due 2036 to 2037 with 0% coupons.
The 2015C bonds are due 2022 to 2034 with term bonds due in 2037 and 2042. The serial bonds have 5% coupons. The 2037 bonds have a 5% coupon priced at 112.41, and the 2042 bonds have a 5% coupon priced at 111.979.
Proceeds will be used to refund the commission’s series 2002A and 2012A-B revenue bonds.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2015 Central Texas Turnpike System revenue bonds
|
| Amount: | $1,827,880,000
|
| Type: | Negotiated
|
| Underwriters: | Barclays and J.P. Morgan Securities LLC (lead), Citigroup Global Markets LLC, Frost Bank, Morgan Stanley & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Pricing date: | Jan. 21
|
| Settlement date: | Feb. 4
|
|
|
| $225 million series 2015A first-tier refunding put bonds (A3/A-/A-)
|
| Maturity | Type | Coupon | Yield
|
| Aug. 15, 2042 | Term | 5% | 1.62%
|
|
|
| $199,135,000 series 2015B first-tier revenue refunding bonds (A3/A-/A-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $40 million | 2032 | Term | 5% | 116.29
|
| $159,135,000 | 2037 | Term | 5% | 114.95
|
|
|
| $240 million series 2015B capital appreciation bonds (A3/A-/A-)
|
| Amount | Maturity | Type | Coupon | Price
|
| $120 million | 2036 | Serial | 0% | 39.509
|
| $120 million | 2037 | Serial | 0% | 37.674
|
|
|
| $1,163,745,000 series 2015C second-tier revenue refunding bonds (Baa1/BBB+/BBB)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,875,000 | 2022 | Serial | 5% | 119.639
|
| $5.03 million | 2023 | Serial | 5% | 120.461
|
| $8,295,000 | 2024 | Serial | 5% | 121.177
|
| $11.81 million | 2025 | Serial | 5% | 119.863
|
| $9,425,000 | 2026 | Serial | 5% | 118.382
|
| $13,625,000 | 2027 | Serial | 5% | 117.103
|
| $12.95 million | 2028 | Serial | 5% | 116.021
|
| $14,095,000 | 2029 | Serial | 5% | 115.128
|
| $15.74 million | 2030 | Serial | 5% | 114.243
|
| $124.64 million | 2031 | Serial | 5% | 113.803
|
| $97,125,000 | 2032 | Serial | 5% | 113.366
|
| $150.41 million | 2033 | Serial | 5% | 112.93
|
| $164,305,000 | 2034 | Serial | 5% | 112.67
|
| $182.34 million | 2037 | Term | 5% | 112.41
|
| $352.08 million | 2042 | Term | 5% | 111.979
|
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