By Cristal Cody
Springdale, Ark., May 13 - The Lower Colorado River Authority in Texas priced $361.17 million total of refunding revenue bonds on Tuesday, a sell-side source told Prospect News.
The $195.96 million of series 2008 refunding revenue bonds (A1) priced with 5% to 5.75% coupons to yield 2.1% to 5.07%, he said.
The bonds have maturities from 2009 through 2018 and term bonds in 2023, 2028 and 2037.
The authority also priced $165.205 million of transmission contract refunding revenue bonds for the LCRA Transmission Services Corp., an affiliate of the authority.
The series 2008 bonds (A2/A/A+) priced with 5.25% to 5% coupons to yield 2.83% to 4.78%.
The bonds have serial maturities from 2009 through 2018 and term bonds due in 2023, 2028 and 2035.
The true interest costs were not available.
Morgan Stanley is the senior manager of the negotiated sales. Co-managers are Bear, Stearns & Co., Lehman Brothers, First Southwest Co., Goldman, Sachs & Co., JPMorgan, Merrill Lynch & Co., Rice Financial Products Co., UBS Investment Bank and Wachovia Bank, NA.
Proceeds will be used to refund $108.6 million of contract revenue commercial paper notes, $50 million of series B notes and a portion of the series A tax-exempt commercial paper notes.
| Issuer: | Lower Colorado River Authority (Texas)
|
| Issue: | Refunding revenue bonds
|
| Amount: | $195.96 million
|
| Type: | Negotiated
|
| Coupons: | 5% to 5.75%
|
| Yields: | 2.1% to 5.07%
|
| Maturities: | 2009 to 2018 serials; terms in 2023, 2028 and 2037
|
| Underwriter: | Morgan Stanley (lead)
|
| Ratings: | Moody's: A1
|
| Pricing date: | May 13
|
|
|
| Issuer: | Lower Colorado River Authority/LCRA Transmission Services Corp. (Texas)
|
| Issue: | Transmission contract refunding revenue bonds
|
| Amount: | $165.205 million
|
| Type: | Negotiated
|
| Coupons: | 5.25% to 5%
|
| Yields: | 2.83% to 4.78%
|
| Maturities: | 2009 to 2018 serials; terms in 2023, 2028 and 2035
|
| Underwriter: | Morgan Stanley (lead)
|
| Ratings: | Moody's: A2
|
| S&P: A
|
| Fitch: A+
|
| Pricing date: | May 13
|
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