Published on 7/17/2013 in the Prospect News Municipals Daily.
New Issue: Grand Parkway Transportation, Texas, brings $3.13 billion revenue bonds
By Sheri Kasprzak
New York, July 17 - Grand Parkway Transportation Corp. of Texas sold $3,132,235,000 of series 2013 Grand Parkway system toll revenue bonds, said a pricing sheet.
The bonds (/AA/AA-) were sold through Goldman Sachs & Co.
The offering included $200 million of series 2013A first-tier toll revenue bonds, $1,137,935,000 of series 2013B subordinated tier toll equity loan agreement-supported bonds, $836.44 million of series 2013C subordinated tier toll equity loan agreement-supported bonds, $489.16 million of series 2013 convertible capital appreciation bonds, $361.81 million of series 2013D subordinated tier toll equity loan agreement-supported bonds and $106.89 million of series 2013E subordinated tier toll equity loan agreement-supported bonds.
The 2013A bonds are due 2043 and 2053. The 2043 bonds have a 5.125% coupon and priced at 98.25 to yield 5.241%. The 2053 bonds have a 5.5% coupon and priced at 98.5 to yield 5.594%.
The 2013B bonds are due 2051 and 2053. The 2051 bonds have a 5.25% coupon and priced at 101.171 to yield 5.10%, and the 2053 bonds have a 5% coupon and priced at 97 to yield 5.178%.
The 2013C bonds are due Oct. 1, 2017, have a 2% coupon and priced at 100.779 to yield 0.55%.
The 2013 capital appreciation bonds are due 2029 to 2036 and 2044 to 2048 with 0% coupons and yields from 4.95% to 5.85%.
The 2013D bonds are due Oct. 1, 2042, have a 5.184% coupon and priced at par.
The 2013E bonds are due Oct. 1, 2017, have a 1% coupon and priced at 100.107 to yield 0.80%.
Proceeds will be used to acquire, construct and develop the Grand Parkway System, which runs through Harris, Fort Bend, Brazoria, Galveston, Montgomery, Liberty and Chambers counties in Texas.
| Issuer: | Grand Parkway Transportation Corp.
|
| Issue: | Series 2013 Grand Parkway system toll revenue bonds
|
| Amount: | $3,132,235,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman Sachs & Co. (lead), J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Jefferies & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, M.R. Beal & Co., Piper Jaffray & Co., RBC Capital Markets LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Southwest Securities Inc., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA-
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 1
|
|
|
| $200 million series 2013A first-tier toll revenue bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $47.73 million | 2043 | Term | 5.125% | 98.25 | 5.241%
|
| $152.27 million | 2053 | Term | 5.5% | 98.5 | 5.594%
|
|
|
| $1,137,935,000 series 2013B subordinated tier toll equity loan agreement-supported bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $575 million | 2051 | Term | 5.25% | 101.171 | 5.10%
|
| $562,935,000 | 2053 | Term | 5% | 97 | 5.178%
|
|
|
| $836.44 million series 2013C subordinated tier toll equity loan agreement-supported bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2017 | Term | 2% | 100.779 | 0.55%
|
|
|
| $489.16 million convertible capital appreciation bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.09 million | 2029 | Serial | 0% | 60.827 | 4.95%
|
| $7,075,000 | 2030 | Serial | 0% | 60.227 | 5.05%
|
| $12.05 million | 2031 | Serial | 0% | 59.338 | 5.20%
|
| $17.57 million | 2032 | Serial | 0% | 58.753 | 5.30%
|
| $23.45 million | 2033 | Serial | 0% | 58.174 | 5.40%
|
| $29,935,000 | 2034 | Serial | 0% | 57.887 | 5.45%
|
| $36,945,000 | 2035 | Serial | 0% | 57.601 | 5.50%
|
| $29.05 million | 2036 | Serial | 0% | 57.601 | 5.50%
|
| $75.74 million | 2044 | Serial | 0% | 56.195 | 5.75%
|
| $76.16 million | 2045 | Serial | 0% | 55.918 | 5.80%
|
| $75.74 million | 2046 | Serial | 0% | 55.918 | 5.80%
|
| $74,405,000 | 2047 | Serial | 0% | 55.642 | 5.85%
|
| $28.95 million | 2048 | Serial | 0% | 55.642 | 5.85%
|
|
|
| $361.81 million series 2013D subordinated tier toll equity loan agreement-supported bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2042 | Term | 5.184% | 100 | 5.184%
|
|
|
| $106.89 million series 2013E subordinated tier toll equity loan agreement-supported bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Oct. 1, 2017 | Term | 1% | 100.107 | 0.80%
|
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