Mobility Authority Receives Continued Vote of Confidence from Financial Community
(Austin, Texas )— Earlier this week, Morgan Stanley served as senior manager to refund $279 million of outstanding Mobility Authority bonds, including both Senior Lien and Subordinate Bonds. The refunding produced $34.4 million in net present value savings, or 12.3% of refunded par. This creates $46.3 million of cash flow savings, or an average of approximately $1.9 million through 2045 for the Mobility Authority, providing more available funds for the Central Texas region’s mobility improvement efforts.
The total transaction received $1.2 billion in orders and was nearly 4x over-subscribed by 57 different institutional investors, including 10 who are among the Mobility Authority’s top 20 owners of their debt, demonstrating the investor community’s confidence in the Mobility Authority.
“The high demand among investors is a result of a proven track record, sound stewardship and a commitment to transparency by the CTRMA,” said Mike Heiligenstein, Executive Director for the Mobility Authority. “This further strengthens the agency’s demonstrated ability to effectively deliver and operate infrastructure projects in the diverse and fastgrowing Central Texas region.
About the Mobility Authority