Published on 5/13/2016 in the Prospect News Municipals Daily.
New Issue: Central Texas Regional Mobility prices $368.7 million refunding bonds
By Sheri Kasprzak
New York, May 13 – The Central Texas Regional Mobility Authority priced $368,705,000 of series 2016 senior-lien revenue refunding bonds, according to a pricing sheet.
The bonds (Baa2/BBB+) were sold through J.P. Morgan Securities LLC.
The bonds are due 2020 to 2036 with term bonds due in 2040, 2041 and 2046. The serial bonds have 5% coupons with yields of 1.13% to 2.85%. The 2040 bonds have a 5% coupon priced at 117.184 to yield 2.93% and the 2041 bonds have a 3.375% coupon priced at 97.948 to yield 3.5%. The 2046 bonds have a 5% coupon priced at 116.948 to yield 3%.
Proceeds will be used to refund a portion of the authority’s series 2010 and 2011 senior-lien bonds.
| Issuer: | Central Texas Regional Mobility Authority
|
| Issue: | Series 2016 senior-lien revenue refunding bonds
|
| Amount: | $368,705,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BofA Merrill Lynch, Jefferies & Co., Morgan Stanley & Co. LLC, Piper Jaffray & Co., Ramirez & Co. Inc., Stifel Nicolaus & Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Pricing date: | May 12
|
| Settlement date: | June 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.49 million | 2020 | Serial | 5% | 113.552 | 1.13%
|
| $8,345,000 | 2021 | Serial | 5% | 116.555 | 1.27%
|
| $10,855,000 | 2022 | Serial | 5% | 119.031 | 1.44%
|
| $11.71 million | 2023 | Serial | 5% | 121.024 | 1.62%
|
| $12,565,000 | 2024 | Serial | 5% | 122.587 | 1.80%
|
| $4,395,000 | 2025 | Serial | 5% | 123.818 | 1.97%
|
| $6,165,000 | 2026 | Serial | 5% | 124.954 | 2.11%
|
| $9,305,000 | 2027 | Serial | 5% | 123.391 | 2.27%
|
| $9.77 million | 2028 | Serial | 5% | 122.522 | 2.36%
|
| $10,265,000 | 2029 | Serial | 5% | 121.375 | 2.48%
|
| $10,775,000 | 2030 | Serial | 5% | 120.9 | 2.53%
|
| $11.31 million | 2031 | Serial | 5% | 120.428 | 2.58%
|
| $11.88 million | 2032 | Serial | 5% | 119.865 | 2.64%
|
| $12.47 million | 2033 | Serial | 5% | 119.397 | 2.69%
|
| $13,095,000 | 2034 | Serial | 5% | 118.839 | 2.75%
|
| $13.75 million | 2035 | Serial | 5% | 118.469 | 2.79%
|
| $14.44 million | 2036 | Serial | 5% | 117.916 | 2.85%
|
| $65,335,000 | 2040 | Term | 5% | 117.184 | 2.93%
|
| $28,475,000 | 2041 | Term | 3.375% | 97.948 | 3.50%
|
| $102.31 million | 2046 | Term | 5% | 116.548 | 3.00%
|
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