By Sheri Kasprzak
New York, June 17 - The Lower Colorado River Authority of Texas sold Wednesday $290.005 million of series 2009 refunding revenue bonds, said Robbie Searcy, spokeswoman for the authority.
The sale included $171.455 million of series 2009 LCRA refunding revenue bonds (A1//A+) and $118.55 million of series 2009 Lower Colorado River Authority Transmission Services Corp. refunding revenue bonds (A2//A+).
The LCRA bonds are due 2010 to 2039 with coupons from 3% to 5.625% and yields from 1.25% to 5.72%. The average coupon came out to 5.43%.
The LCRA Transmission Services bonds are due 2016 to 2036 with coupons from 3.75% to 5.5% and yields from 3.85% to 5.68%. The average coupon for those bonds came out to 5.36%.
Goldman, Sachs & Co. was the senior manager for the sale. The co-managers included Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc., Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities Inc., Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Inc., Rice Financial Products Inc., Southwest Securities Inc. and Wachovia Bank.
Proceeds will refund existing commercial paper notes and refund transmission contract revenue notes.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2009 refunding revenue bonds
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| Amount: | $290.005 million
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| Type: | Negotiated
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| Underwriters: | Goldman, Sachs & Co. (lead), Merrill Lynch & Co. Inc., Morgan Stanley & Co. Inc., Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities Inc., Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets Inc., Rice Financial Products Inc., Southwest Securities Inc. and Wachovia Bank (co-managers)
|
| Ratings: | Moody's: A1 (for LCRA bonds); A2 (for LCRA Transmission Services Corp. bonds)
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| Fitch: A+
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| Pricing date: | June 17
|
|
|
| LCRA refunding revenue bonds
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| Amount: | $171.455 million
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| Maturities: | 2010 to 2039
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| Coupons: | 3% to 5.625%
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| Yields: | 1.25% to 5.72%
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| Average coupon: | 5.43%
|
|
|
| LCRA Transmission Services bonds
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| Amount: | $118.55 million
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| Maturities: | 2016 to 2036
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| Coupons: | 3.75% to 5.5%
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| Yields: | 3.85% to 5.68%
|
| Average coupon: | 5.36%
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