NTTA board approves Series 2025 refunding plan expected to save about $41 million
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Summary
The board approved preliminary bond documents and the preliminary official statement for a proposed Series 2025 refunding package that staff expects will be about $637 million and deliver roughly $41 million in additional savings; pricing is scheduled for Oct. 6 and close Nov. 4.
The North Texas Tollway Authority board on Sept. 10 approved staff's request to proceed with documents for a Series 2025 bond refunding the authority intends to price on Oct. 6 and close Nov. 4.
Horatio Porter, NTTA chief financial officer, told directors the refunding is part of a multi‑year strategic plan to restructure debt, improve debt service coverage and deliver cost savings. Porter said the anticipated transaction size is about $637 million and staff estimates it will produce approximately $41 million in additional savings and reduce the authority’s maximum annual debt service.
Porter said a preliminary official statement (POS) prepared by bond counsel is needed to inform investors and that a bond resolution will set issuance parameters. He said staff will post the POS on Sept. 19, price the transaction Oct. 6 and expects to brief the board on results in November.
Director Quezada moved approval; Director Knight seconded. The board voted unanimously to authorize staff to proceed with the refunding documents and POS preparation.