Published on 8/26/2014 in the Prospect News Municipals Daily.
New Issue: Texas brings to market $5.4 billion tax and revenue anticipation notes
By Sheri Kasprzak
New York, Aug. 26 – The State of Texas priced $5.4 billion of series 2014 tax and revenue anticipation notes, said a pricing sheet.
The notes (MIG 1) were sold competitively. J.P. Morgan Securities LLC won $2.13 billion of the notes. Citigroup Global Markets Inc. won $650 million. BofA Merrill Lynch took $800 million, and Wells Fargo Bank, NA won $700 million. Morgan Stanley & Co. LLC won a $500 million portion, and Goldman Sachs & Co. took a $250 million portion. Barclays won $265 million. MUFG took $25 million, U.S. Bancorp Investments Inc. won $20 million, RBC Capital Markets LLC won $50 million, and Piper Jaffray & Co. took $10 million.
The weighted average net interest cost is 0.13259750128%.
The notes are due Aug. 31, 2015, bear interest at 1.5% and priced at 101.356.
Proceeds will be used to finance capital expenditures for the coming fiscal year.
Issuer: | State of Texas
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Issue: | Series 2014 tax and revenue anticipation notes
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Amount: | $5.4 billion
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Maturity: | Aug. 31, 2015
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Coupon: | 1.5%
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Price: | 101.356
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Type: | Competitive
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Underwriters: | Citigroup Global Markets Inc., BofA Merrill Lynch, Wells Fargo Bank, NA, Barclays, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc., Piper Jaffray & Co., MUFG, Goldman Sachs & Co., RBC Capital Markets LLC and J.P. Morgan Securities LLC
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Weighted NIC: | 0.13259750128%
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Rating: | Moody’s: MIG 1
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Pricing date: | Aug. 26
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Settlement date: | Sept. 3
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