METRO Sells Bonds with Wells Fargo as Manager Today

Metro Transit Authority of Harris County sent this bulletin at 04/09/2014 03:54 PM CDT
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Release Date: April 9, 2014
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The Metropolitan Transit Authority of Harris County (METRO) is the region’s largest public transit provider, offering safe, reliable and affordable transportation services about 370,000 times per day. Besides operating more than 1,200 buses, METRO is currently expanding its 13-mile Red Line with two new lines under construction. METRO’s services also include: Star Vanpool, METROLift, HOV lanes, HOT lanes, Bikes-on-Buses/Trains program, Park & Ride, and road improvement projects. Learn more about METRO services at ridemetro.org where you will also find information about our T.R.I.P. app and the new digital, interactive rider tool METRO 360 [take a seat].
   

METRO Sells $130.6 Million of Bonds for Vehicle Purchases

METRO sold $130,605,000 of bonds today (April 9th) with Wells Fargo as the senior manager. All-in total interest cost was 2.89 percent. The proceeds from these bonds will be used to purchase additional diesel buses and light-rail vehicles.

The order period generated $1.05 billion in orders from more than 20 institutional investors. The buyers were mutual funds, trust accounts, insurance companies and privately managed funds.

This very high level of demand by investors reflects confidence in METRO's strong Aa2/AA+ credit rating resulting in a favorable borrowing cost when compared to other relevant issues in the market.