Texas Parkway Agency Offers Year’s Biggest Muni Deal

The Grand Parkway Transportation Corp., created to finance a new highway around Houston, plans to sell $3 billion of toll-revenue debt as soon as mid-April, according to a pricing announcement.

The offering would be the biggest sale this year in the $3.7 trillion municipal-bond market, data compiled by Bloomberg show. Goldman Sachs & Co. will underwrite the deal.

Bond proceeds will finance certain segments of the Grand Parkway project to build a 180-mile (290-kilometer) outer-loop road around the Houston metropolitan area. Houston is the fourth-largest U.S. city by population, with about 2.1 million residents.

“It’s a large undertaking,” said Raquelle Lewis, a spokeswoman for the Texas Transportation Department. “It is a huge commitment from the standpoint of the agency to try to bring as much of that third loop around the Houston area to fruition as soon as possible.”

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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