By Aaron Hochman-Zimmerman
New York, Aug. 19 - The Texas Transportation Commission priced $1.748 billion series 2009 Build America Bonds at par to yield 5.367% and 5.517%, according to a market source.
The bonds due 2029 priced to yield 5.367%, while the bonds due 2037 priced to yield 5.517%.
Merrill Lynch & Co. Inc. acted as lead underwriter for the negotiated deal which was upsized from $1.112 billion. Estrada Hinojosa & Co., First Southwest Co., Jefferies & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Piper Jaffray & Co., Southwest Securities Inc. and Wachovia Bank N.A. were co-managers.
Proceeds will be used to construct, acquire, improve and expand state highways.
The Texas Transportation Commission is located in Austin, Texas.
Issuer: | Texas Transportation Commission
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Issue: | Series 2009 Build America Bonds
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Amount: | $1.748 billion
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Underwriter: | Merrill Lynch & Co. Inc. (lead); Estrada Hinojosa & Co., First Southwest Co., Jefferies & Co., J.P. Morgan Securities Inc., Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Piper Jaffray & Co., Southwest Securities Inc., Wachovia Bank N.A. (co-managers)
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Type: | Negotiated
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Pricing date: | Aug. 19
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Bonds due 2029
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Maturity: | 2029
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Coupon: | 5.367%
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Price: | Par
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Yield: | 5.367%
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Bonds due 2037
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Maturity: | 2037
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Coupon: | 5.517%
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Price: | Par
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Yield: | 5.517%
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