Published on 6/30/2015 in the Prospect News Municipals Daily.
New Issue: Texas Transportation Commission brings $781.08 million refunding bonds
By Sheri Kasprzak
New York, June 30 – The Texas Transportation Commission sold $781.08 million of series 2015 state highway fund first tier revenue refunding bonds, according to a pricing sheet. The offering was downsized from $800 million.
The bonds (Aaa/AAA/) were sold through Citigroup Global Markets Inc. and BofA Merrill Lynch.
The bonds are due 2017 to 2026 with 3% to 5% coupons and 0.86% to 2.71% yields.
Proceeds will be used to refund existing revenue bonds.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2015 state highway fund first tier revenue refunding bonds
|
| Amount: | $781.08 million
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| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead), Barclays, Blaylock Beal Van LLC, Frost Bank, Mesirow Financial Inc., Morgan Stanley & Co. LLC, Ramirez & Co. Inc. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | June 30
|
| Settlement date: | July 22
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $61,125,000 | 2017 | Serial | 3% | 104.635 | 0.86%
|
| $71.71 million | 2018 | Serial | 4% | 108.97 | 1.13%
|
| $75.02 million | 2019 | Serial | 5% | 114.824 | 1.35%
|
| $78.87 million | 2020 | Serial | 5% | 116.762 | 1.62%
|
| $82.91 million | 2021 | Serial | 5% | 118.088 | 1.89%
|
| $87,165,000 | 2022 | Serial | 5% | 118.966 | 2.14%
|
| $80.85 million | 2023 | Serial | 5% | 119.968 | 2.31%
|
| $95,935,000 | 2024 | Serial | 5% | 120.869 | 2.45%
|
| $89,445,000 | 2025 | Serial | 5% | 121.662 | 2.57%
|
|
|
| $58.05 million | 2026 | Serial | 5% | 121.976 | 2.71%
|
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