By Cristal Cody
Springdale, Ark., Jan. 23 - The Texas Transportation Commission priced its $1.1 billion general obligation mobility fund bonds with coupons from 4% to 5%, a source familiar with the deal said Thursday.
The series 2008 bonds have serial maturities from 2009 to 2030 and two term bonds, one due 2032 and one due 2037, said Jose Hernandez, debt management director for the Texas Department of Transportation.
The bonds priced Wednesday with coupons that ranged from 4% in 2009 to 5% in 2030, he said.
The serials bonds had yields from 2.23% to 4.21%.
The $121 million term bond due in 2032 priced with a 4.5% coupon to yield 4.55%, and the $412.8 million term bond due in 2037 offered a 4.75% coupon to yield 4.45%, Hernandez said.
UBS Investment Bank is the lead manager for the negotiated offering.
The proceeds will be used for transportation projects, including the expansion and construction of state highways.
| Issuer: | Texas Transportation Commission
|
| Issue: | General obligation mobility fund bonds
|
| Type: | Negotiated
|
| Amount: | $1.1 billion
|
| Maturities: | 2009 through 2030 (serials); two term bonds in 2032 and 2037
|
| Coupon: | 4% to 5% serials; term bonds 4.5% to 4.75%
|
| Underwriter: | UBS Investment Bank
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA
|
| Fitch: AA+
|
| Pricing date: | Jan. 23
|
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