By Sheri Kasprzak
New York, June 16 - The Central Texas Regional Mobility Authority priced $375,929,944 of series 2011 revenue bond, according to an official statement.
The offering includes $305,929,944 of series 2011 senior-lien revenue bonds (Baa3/BBB-/) and $70 million of series 2011 subordinate-lien revenue bonds (Ba1/BB+/).
The 2011 senior-lien bonds include $295.93 million of current interest bonds and $9,999,444 of zero-coupon capital appreciation bonds. The current interest bonds are due 2031, 2041 and 2046. The 2031 bonds have a 5.75% coupon to yield 5.83%, and the 2041 bonds have a 6% coupon to yield 6.13%. The 2046 bonds have a 6.25% coupon to yield 6.3%. The capital appreciation bonds are due 2022 to 2026 with yields from 5.9% to 6.5%.
The 2011 subordinate-lien bonds are due Jan. 1, 2041 with a 6.75% coupon to yield 7%.
The bonds were sold on a negotiated basis with J.P. Morgan Securities LLC as the senior manager. The co-managers were Goldman Sachs & Co., Bank of America Merrill Lynch, Morgan Keegan & Co. Inc., Barclays Capital Inc., Coastal Securities Inc., Estrada Hinojosa & Co. Inc., Fidelity Capital Markets LLC, Jefferies & Co., RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to construct the Manor Expressway Phase II project, a six-lane access-controlled highway in Austin; to refund the authority's series 2010 Build America Bonds and to prepay a loan agreement held with the Texas Department of Transportation.
Based in Austin, Texas, the authority constructs, finances, repairs and operates roadways in Travis and Williamson counties in Texas.
| Issuer: | Central Texas Regional Mobility Authority
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $375,929,944
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead); Goldman Sachs & Co.; Bank of America Merrill Lynch; Morgan Keegan & Co. Inc.; Barclays Capital Inc.; Coastal Securities Inc.; Estrada Hinojosa & Co. Inc.; Fidelity Capital Markets LLC; Jefferies & Co.; RBC Capital Markets LLC; and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: (Baa3 for senior lien); Ba1 (for subordinate lien)
|
| Standard & Poor's: BBB- (for senior lien); BB+ (for subordinate lien)
|
| Pricing date: | June 10
|
| Settlement date: | June 29
|
|
|
| $305,929,944 series 2011 senior-lien revenue bonds
|
|
|
| $295.93 million current interest bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $47.975 million | 2031 | Term | 5.75% | 5.83%
|
| $145.015 million | 2036 | Term | 6% | 6.13%
|
| $102.94 million | 2041 | Term | 6.25% | 6.30%
|
|
|
| $9,999,944 capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $480,449 | 2022 | Serial | 0% | 54.288 | 5.90%
|
| $1,868,357 | 2023 | Serial | 0% | 50.09 | 6.10%
|
| $3,346,476 | 2024 | Serial | 0% | 46.318 | 6.25%
|
| $3,183,732 | 2025 | Serial | 0% | 42.707 | 6.40%
|
| $1,120,931 | 2026 | Serial | 0% | 39.54 | 6.50%
|
|
|
| $70 million series 2011 subordinate-lien revenue bonds
|
| Maturity | Type | Coupon | Yield
|
| Jan. 1, 2041 | Term | 6.75% | 7.00%
|
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