By Sheri Kasprzak
New York, Oct. 6 - The Lower Colorado River Authority of Texas sold $599.195 million of series 2011 transmission contract refunding revenue bonds, according to a pricing sheet.
The offering included $409.195 million of series 2011A bonds and $190 million of series 2011B bonds.
The 2011A bonds are due 2012 to 2031 with term bonds due in 2033 and 2041. The serial coupons range from 1.5% to 5%. The 2033 bonds have a 5% coupon priced at 102.675. The 2041 bonds have a split maturity with a 4.5% coupon priced at 96.818 and a 5% coupon priced at 102.287.
The 2011B bonds are due 2012 to 2026 with coupons from 1.5% to 5%.
The bonds (A2/A/A+) were sold through Morgan Stanley & Co. LLC and Barclays Capital Inc.
The co-managers were Goldman Sachs & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities LLC, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC.
Proceeds will be used to refund outstanding transmission contract revenue notes and other transmission contract revenue debt.
| Issuer: | Lower Colorado River Authority
|
| Issue: | Series 2011 transmission contract refunding revenue bonds
|
| Amount: | $599.195 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC and Barclays Capital Inc. (lead), Goldman Sachs & Co., Bank of America Merrill Lynch, Citigroup Global Markets Inc., First Southwest Co., J.P. Morgan Securities LLC, Morgan Keegan & Co. Inc., Ramirez & Co. Inc., RBC Capital Markets LLC, Rice Financial Products Co., Southwest Securities Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 20
|
|
|
| $409.195 million series 2011A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $20.3 million | 2012 | Serial | 1.5% | NRO
|
| $15.805 million | 2013 | Serial | 5% | 106.471
|
| $15.975 million | 2014 | Serial | 5% | 109.826
|
| $16.17 million | 2015 | Serial | 5% | 112.045
|
| $16.375 million | 2016 | Serial | 5% | 113.505
|
| $16.565 million | 2017 | Serial | 5% | 114.318
|
| $16.79 million | 2018 | Serial | 5% | 114.47
|
| $17.03 million | 2019 | Serial | 5% | 113.814
|
| $17.28 million | 2020 | Serial | 5% | 113.395
|
| $17.545 million | 2021 | Serial | 5% | 113.498
|
| $17.805 million | 2022 | Serial | 5% | 111.933
|
| $18.07 million | 2023 | Serial | 5% | 110.224
|
| $18.35 million | 2024 | Serial | 5% | 108.629
|
| $18.655 million | 2025 | Serial | 5% | 107.307
|
| $6.49 million | 2026 | Serial | 5% | 106.41
|
| $11.195 million | 2027 | Serial | 5% | 105.601
|
| $11.535 million | 2028 | Serial | 5% | 104.801
|
| $11.89 million | 2029 | Serial | 5% | 104.086
|
| $7.885 million | 2030 | Serial | 5% | 103.378
|
| $8.28 million | 2031 | Serial | 5% | 102.986
|
| $8.28 million | 2031 | Serial | 5% | 102.986
|
| $9.125 million | 2033 | Term | 5% | 102.675
|
| $7.205 million | 2041 | Term | 4.5% | 96.818
|
| $92.875 million | 2041 | Term | 5% | 102.287
|
|
|
| $190 million series 2011B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.395 million | 2012 | Serial | 1.5% | NRO
|
| $9.075 million | 2013 | Serial | 2% | 101.804
|
| $1 million | 2014 | Serial | 3% | 104.774
|
| $7.795 million | 2014 | Serial | 5% | 109.826
|
| $15.25 million | 2015 | Serial | 5% | 112.045
|
| $1.05 million | 2016 | Serial | 4% | 109.148
|
| $14.165 million | 2016 | Serial | 5% | 113.505
|
| $2.625 million | 2017 | Serial | 4% | 109.111
|
| $12.54 million | 2017 | Serial | 5% | 114.318
|
| $15.11 million | 2018 | Serial | 5% | 114.47
|
| $15.08 million | 2019 | Serial | 5% | 113.814
|
| $15.045 million | 2020 | Serial | 5% | 113.395
|
| $15.01 million | 2021 | Serial | 5% | 113.498
|
| $15.005 million | 2022 | Serial | 5% | 111.933
|
| $14.995 million | 2023 | Serial | 5% | 110.224
|
| $10.62 million | 2024 | Serial | 5% | 108.629
|
| $10.62 million | 2025 | Serial | 5% | 107.307
|
| $10.62 million | 2026 | Serial | 5% | 106.41
|
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