Texas Parkway Agency Offers Year’s Biggest Muni DealMichelle Kaske
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.”