Lower Colorado River Authority, Texas, to price $595.08 million of refunding revenue bonds

By Sheri Kasprzak

New York, Sept. 26 - The Lower Colorado River Authority of Texas is set to sell $595.08 million of series 2011 transmission contract refunding revenue bonds, according to a preliminary official statement.

The deal includes $405.05 million of series 2011A bonds and $190.03 million of series 2011B bonds.

The bonds (A2/A/A+) were sold on a negotiated basis with Morgan Stanley & Co. LLC and Barclays Capital Inc. as the senior managers. The co-managers are 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.

The 2011A bonds are due 2012 to 2026, and the 2011B bonds are due 2012 to 2026.

Proceeds will be used to refund outstanding transmission contract revenue notes and other transmission contract revenue debt.

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