Published on 9/16/2015 in the Prospect News Municipals Daily.
New Issue: Texas Transportation Commission prices $889.59 million of G.O. bonds
By Sheri Kasprzak
New York, Sept. 16 – The Texas Transportation Commission sold $889,595,000 of series 2015A mobility fund general obligation refunding bonds, according to a pricing sheet. The offering was upsized from $750 million.
The bonds (Aaa//AAA) were sold through senior managers J.P. Morgan Securities LLC and Piper Jaffray & Co.
The bonds are due 2018 to 2036 with 3.2% to 5% coupons.
Proceeds will be used to refund existing bonds for debt service savings.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2015A mobility fund general obligation refunding bonds
|
| Amount: | $889,595,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and Piper Jaffray & Co. (lead), Frost Bank, Goldman Sachs & Co., Jefferies & Co., Loop Capital Markets LLC, Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $16,905,000 | 2018 | Serial | 5% | 111.772
|
| $18,475,000 | 2019 | Serial | 5% | 114.344
|
| $20,215,000 | 2020 | Serial | 5% | 116.441
|
| $22.06 million | 2021 | Serial | 5% | 117.943
|
| $24 million | 2022 | Serial | 5% | 118.937
|
| $26.68 million | 2023 | Serial | 5% | 119.714
|
| $28.88 million | 2024 | Serial | 5% | 120.759
|
| $31.21 million | 2025 | Serial | 5% | 121.708
|
| $33,655,000 | 2026 | Serial | 5% | 120.53
|
| $44,045,000 | 2027 | Serial | 3.5% | 104.911
|
| $56.2 million | 2027 | Serial | 5% | 119.462
|
| $25 million | 2028 | Serial | 3.2% | 100.34
|
| $50,465,000 | 2028 | Serial | 5% | 118.597
|
| $25 million | 2029 | Serial | 3.3% | 100
|
| $82.9 million | 2029 | Serial | 5% | 117.74
|
| $59,975,000 | 2031 | Serial | 5% | 116.608
|
| $65.82 million | 2032 | Serial | 5% | 116.047
|
| $6,915,000 | 2033 | Serial | 5% | 115.767
|
| $29,905,000 | 2034 | Serial | 5% | 115.304
|
| $20,365,000 | 2035 | Serial | 4% | 103.42
|
| $50 million | 2035 | Serial | 5% | 114.934
|
| $50,925,000 | 2036 | Serial | 4% | 103.08
|
| $100 million | 2036 | Serial | 5% | 114.566
|
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