By Sheri Kasprzak
New York, Aug. 19 - The State of Texas priced $6.4 billion in series 2008 tax and revenue anticipation notes on Tuesday, said a source at the issuer.
The notes (MIG1//F1+) were sold on a competitive basis with Lehman Brothers as the winning bidder. The net interest cost came in at 1.608%.
The coupon was set at 3%, priced at par. The notes are due Aug. 28, 2009.
"The response we had for these notes was really phenomenal," said a source at the issuer. "We're obviously very pleased with the results and with the turnout."
Proceeds will be used for general expenses in the state, pending the receipt of taxes and certain other revenues.
| Issuer: | State of Texas
|
| Issue: | Series 2008 tax and revenue anticipation notes
|
| Amount: | $6.4 billion
|
| Maturity: | Aug. 28, 2009
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Type: | Competitive
|
| Underwriter: | Lehman Brothers
|
| NIC: | 1.608%
|
| Ratings: | Moody's: MIG1
|
| Fitch: F1+
|
| Pricing date: | Aug. 19
|
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