Grand Parkway Transportation, Texas, organizes $2.86 billion bond sale

By Sheri Kasprzak

New York, June 28 - The Grand Parkway Transportation Corp. of Texas plans to price $2,862,500,000 of series 2013 Grand Parkway system toll revenue bonds, according to a preliminary official statement.

The offering includes $200 million of series 2013A first-tier toll revenue bonds, $1,355,105,000 of series 2013B subordinate tier toll equity loan agreement-supported bonds, $839,205,000 of series 2013C subordinate tier TELA-supported bonds, $107.39 million of series 2013D subordinate tier taxable TELA-supported bonds and $360.8 million of series 2013E subordinate tier taxable TELA-supported bonds.

The bonds will be sold through lead manager Goldman, Sachs & Co.

The co-managers are J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Jefferies & Co. Inc., Loop Capital Markets LLC, Morgan Stanley & Co. LLC, M.R. Beal & Co., Piper Jaffray & Co., RBC Capital Markets LLC, Ramirez & Co. Inc., Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC, Southwest Securities Inc., Stifel, Nicolaus & Co. Inc. and Wells Fargo Securities LLC.

The maturity dates have not been set.

Proceeds will be used to acquire, construct and develop the Grand Parkway System, which runs through Harris, Fort Bend, Brazoria, Galveston, Montgomery, Liberty and Chambers counties in Texas.

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