TTC Plans $1.5B Of Prop. 14 Debt
The Bond Buyer
Tuesday, July 6, 2010
By Richard Williamson
DALLAS — The Texas Transportation Commission is preparing a record $1.5 billion bond issue under the voter-approved program known as Proposition 14 that dedicates fuel taxes and vehicle fees toward highway construction.
The deal will include taxable Build America Bonds and tax-exempt revenue bonds in a combination to be determined before pricing the week of July 26.
Financial adviser RBC Capital Markets is working with the TTC and lead manager Goldman, Sachs & Co.
Co-managers on the negotiated deal include Citi, Bank of America Merrill Lynch, Morgan Keegan & Co., Piper Jaffray & Co., Southwest Securities, Estrada Hinojosa & Co., and M.R. Beal & Co. Andrews Kurth is bond counsel.
Ratings have not been reported, but under the recalibrated scales of Moody’s Investors Service and Standard & Poor’s, the previous issue in 2008 is rated triple-A... FULL ARTICLE
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Tue, July 6, 2010
by Crystal Drwenski