Texas Water Development Board set to price $257.42 million in bonds

By Sheri Kasprzak

New York, July 21 - The Texas Water Development Board is set to sell $257.42 million in series 2009A state revolving fund subordinate-lien revenue and revenue refunding bonds, according to a preliminary official statement.

The sale includes $224.61 million in series 2009A-1 revenue bonds and $32.81 million in series 2009A-2 refunding bonds.

The bonds (Aaa/AAA/AAA) will be sold through lead managers Merrill Lynch & Co. Inc. and Jefferies & Co. The co-managers are Estrada Hinojosa & Co. Inc., Raymond James & Associates, Siebert Brandford Shank & Co. LLC, Morgan Keegan & Co. Inc., Stifel, Nicolaus & Co. Inc. and Piper Jaffray & Co.

The 2009A-1 bonds are due 2011 to 2029 and the 2009A-2 bonds are due 2010 to 2017.

Proceeds will be used to reimburse the state revolving fund for its purchase of political subdivision bonds, as well as to refund existing bonds.

The Texas Water Development Board is based in Austin, Texas.

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