Bloomberg News

Texas Agency Plans Year’s Biggest Muni Deal for Houston Tollway

June 24, 2013

The Grand Parkway Transportation Corp., created to finance construction of a highway around Houston, is set to sell about $2.9 billion of toll-revenue debt in mid-July.

It is the first borrowing for the agency and it would be the biggest sale this year in the $3.7 trillion municipal market, data compiled by Bloomberg show. Goldman Sachs & Co. will underwrite the deal.

Proceeds will finance segments of the Grand Parkway project, a 180-mile (290-kilometer) loop around the Houston metropolitan area. The city is the nation’s fourth-largest by population, with about 2.2 million residents.

Mark Cross, a spokesman for the Texas Department of Transportation, didn’t immediately respond to a telephone message and e-mail seeking comment.

To contact the reporter on this story: Michelle Kaske in New York at mkaske@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net


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