Published on 4/20/2016 in the Prospect News Municipals Daily.
New Issue: Texas Transportation prices $615 million highway improvement G.O. bonds
By Sheri Kasprzak
New York, April 20 – The Texas Transportation Commission priced $615 million of series 2016 state highway improvement general obligation bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold through senior manager BofA Merrill Lynch.
The bonds are due 2017 to 2041 with term bonds due in 2043 and 2046. The serial bonds have 5% coupons with yields from 0.562% to 2.58%. The 2043 bonds have a 5% coupon priced at 120.842 to yield 2.6%, and the 2046 bonds have a 5% coupon priced at 120.551 to yield 2.63%.
Proceeds will be used to pay for or reimburse the state for highway capital projects.
| Issuer: | Texas Transportation Commission
|
| Issue: | Series 2016 state highway improvement general obligation bonds
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| Amount: | $615 million
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| Type: | Negotiated
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| Underwriters: | BofA Merrill Lynch (lead), Goldman, Sachs & Co., Blaylock Beal Van LLC, Frost Bank, Jefferies & Co., Mesirow Financial Inc., Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Fitch: AAA
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| Pricing date: | April 19
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| Settlement date: | May 4
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|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20.5 million | 2017 | Serial | 5% | 104.014 | 0.562%
|
| $20.5 million | 2018 | Serial | 5% | 108.156 | 0.69%
|
| $20.5 million | 2019 | Serial | 5% | 112.018 | 0.81%
|
| $20.5 million | 2020 | Serial | 5% | 115.584 | 0.93%
|
| $20.5 million | 2021 | Serial | 5% | 118.689 | 1.08%
|
| $20.5 million | 2022 | Serial | 5% | 121.419 | 1.23%
|
| $20.5 million | 2023 | Serial | 5% | 123.922 | 1.36%
|
| $20.5 million | 2024 | Serial | 5% | 126.177 | 1.48%
|
| $20.5 million | 2025 | Serial | 5% | 127.931 | 1.62%
|
| $20.5 million | 2026 | Serial | 5% | 129.445 | 1.75%
|
| $20.5 million | 2027 | Serial | 5% | 128.187 | 1.87%
|
| $20.5 million | 2028 | Serial | 5% | 127.254 | 1.96%
|
| $20.5 million | 2029 | Serial | 5% | 126.431 | 2.04%
|
| $20.5 million | 2030 | Serial | 5% | 125.716 | 2.11%
|
| $20.5 million | 2031 | Serial | 5% | 125.005 | 2.18%
|
| $20.5 million | 2032 | Serial | 5% | 124.4 | 2.24%
|
| $20.5 million | 2033 | Serial | 5% | 123.799 | 2.3%
|
| $20.5 million | 2034 | Serial | 5% | 123.201 | 2.36%
|
| $20.5 million | 2035 | Serial | 5% | 122.903 | 2.39%
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| $20.5 million | 2036 | Serial | 5% | 122.31 | 2.45%
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| $20.5 million | 2037 | Serial | 5% | 122.015 | 2.48%
|
| $20.5 million | 2038 | Serial | 5% | 121.818 | 2.5%
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| $20.5 million | 2039 | Serial | 5% | 121.525 | 2.53%
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| $20.5 million | 2040 | Serial | 5% | 121.329 | 2.55%
|
| $20.5 million | 2041 | Serial | 5% | 121.037 | 2.58%
|
| $41 million | 2043 | Term | 5% | 120.842 | 2.6%
|
| $61.5 million | 2046 | Term | 5% | 120.551 | 2.63%
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