$304.335M Revenue Finance System Refunding and Improvement Bonds Series 2025A

Summary

Pricing Date: Thursday, February 20^th, 2025
Rating: Aa1/NR/AA+/AA+ (Moody’s/S&P/Fitch/Kroll)
Call Feature: 2/15/2035 @ 100.00
Senior Manager: Siebert Williams Shank & Co., LLC
Co-Senior Manager: Jefferies LLC
Co-Managers: Estrada Hinojosa, Stifel Nicolaus & Co, Inc., Truist Securities Inc.
Financial Advisor: Hilltop Securities
Priority Policy: 1) National Retail Individuals 2) Group Net 3) Member

Market Conditions

• On February 20^th, the MMD AAA scale was bumped 2bps in 2026-2032, bumped 1bp in 2033 and left unchanged thereafter, 2034-2055. At 3:00pm the US TSY 2yr was at 4.26% or 1bp stronger than at this time on February 19^th and the 10yr was at 4.505% or 3bps stronger with the 30yr at 4.743% or 2bps stronger.
• Treasuries opened a tick or so firmer in very quiet trading as dealers awaited jobless claims data and a bevy of Fed Speak. The data was mixed but had a limited impact.

Transaction Highlights

• Texas Tech was pre-marketed with indications of interest throughout the 30-year maturity ranges.
• Estrada Hinojosa submitted $41.705 million in orders on the deal with $40.568 million or 13.33% in liability.
• Estrada Hinojosa was allotted $400,000 in going away orders for the 2055 maturity.

$37.160M Revenue Financing System Refunding and Improvement Bonds Taxable Series 2025B

Summary

Pricing Date: Thursday, February 20^th, 2025
Rating: Aa1/NR/AA+/AA+ (Moody’s/S&P/Fitch/Kroll)
Call Feature: 2/15/2035 @ 100.00
Senior Manager: Siebert Williams Shank & Co., LLC
Co-Senior Manager: Jefferies LLC
Co-Managers: Estrada Hinojosa, Stifel Nicolaus & Co, Inc., Truist Securities Inc.
Financial Advisor: Hilltop Securities
Priority Policy: 1) National Retail Individuals 2) Group Net 3) Member

Market Conditions

• On February 20^th, the MMD AAA scale was bumped 2bps in 2026-2032, bumped 1bp in 2033 and left unchanged thereafter, 2034-2055. At 3:00pm the US TSY 2yr was at 4.26% or 1bp stronger than at this time on February 19^th and the 10yr was at 4.505% or 3bps stronger with the 30yr at 4.743% or 2bps stronger.
• Treasuries opened a tick or so firmer in very quiet trading as dealers awaited jobless claims data and a bevy of Fed Speak. The data was mixed but had a limited impact.

Transaction Highlights

• Texas Tech was pre-marketed with indications of interest throughout the 20-year maturity ranges.
• Estrada Hinojosa submitted $13.515 million in orders on the deal with $4.953 million or 13.33% in liability.
• Estrada Hinojosa was allotted $100,000 in going away orders for the 2028 and $100,000 for 2036 maturity.