|
NTTA Successfully Completes $2.4 Billion Bond Sale On Thursday, March 6, the North Texas Tollway Authority’s financial team successfully completed the sale of over $2.4 billion in bonds to partially defease the Bond Anticipation Notes (BANs) which were issued in November of 2007 to provide the $3.2 billion upfront payment to the north Texas region for State Highway (SH) 121.
“This result is particularly gratifying given the recent volatility in the municipal bond market. We appreciate the tremendous effort put forth by our finance team in seeing this transaction through to completion,” said Paul N. Wageman, Chairman of NTTA’s Board of Directors. “The success of the sale is indicative of investor confidence in the NTTA and the strength of our financial system. We look forward to another successful sale in the coming months to complete the refinancing of the BANs.”
Dan Keating, Senior Managing Director and head of Municipals for Bear Stearns & Co, said the NTTA’s bond sale was very well received.
“Today’s outpouring of interest from 60 institutional buyers placing over $16 billion in orders for the NTTA’s bonds dramatically demonstrates the strength of this credit and the market’s confidence in the NTTA’s board and management,” he said.
Bear Stearns & Co, Lehman Brothers and Citi are the senior managing underwriters for the bonds. Estrada Hinojosa & Company, Inc., First Southwest Company, Morgan Keegan & Co., Inc., M. R. Beal & Company, Southwest Securities and Wachovia Bank, National Association are the co-managers. RBC Capital Markets is the NTTA's financial advisor and their subcontractor is Siebert Brandford & Shank Co. McCall, Parkhurst & Horton L.L.P. and Simmons Mahomes P.C. are co-bond counsel.
|