NTTA SH121 bond sale oversubscribed

NTTA say their latest bond sale - just over a billion dollars - was a success because it was heavily oversubscribed. Paul Wagerman, NTTA chairman is quoted: "The success of this 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 remaining $725 million in BANs."

The latest bonds were oversubscribed by 150%, NTTA say.

NTTA (North Texas Tollway Authority) last year sold bond anticipation notes (BANs) as bridging finance to raise the $3.2b paid as an upfront free to the Texas DOT for the rights to toll SH121 for 50 years in the first major public-public toll concession. NTTA was topping a private sector bid by Cintra that had been provisionally accepted by TxDOT.

With the latest placement NTTA has found permanent financing for most of the upfront fee.

Lehman and Citi were underwriters for the bonds.

Terms of the financing are not disclosed.

TOLLROADSnews 2008-07-13