Texas Natural Gas Securitization Finance Corporation
Customer Rate Relief Bonds (Winter Storm Uri) Txbl Ser 2023
$3,308,860,171 of principal outstanding at the end of fiscal year 2025.
Terms
- Par amount
- $3,521,750,000
- Final maturity
- 4/1/2039
- New money / refunding
- New money $3,521,750,000Refunding Not reported
- Closing date
- 3/23/2023
- Purpose
- Power
- Sale
- Negotiated
- Pledge
- Revenue supported
- Fiscal year issued
- 2023
- Program
- Tx Natural Gas Securitization Finance Corp
Changes in BRB's data
No changes since this site began recording on October 6, 2026.
Source: BRB data loads; as of 10/18/2026.
Finance team
Download CSV| Role? | Firm? | Fees paid? |
|---|---|---|
| Financial advisor | Ducera Partners LLC | $2,188,145 |
| Financial advisor | Estrada Hinojosa & Co Inc | $1,326,767 |
| Bond counsel | Locke Lord LLP | $444,204 |
| Bond counsel | Norton Rose Fulbright US LLP | $2,120,550 |
| Bond counsel | Simpson Thacher & Bartlett LLP | $1,475,000 |
| Disclosure counsel | McCall Parkhurst & Horton LLP | $2,123,548 |
| Underwriter's counsel | Orrick Herrington & Sutcliffe LLP | $825,000 Paid by the underwriter |
| Other counsel | Chapman & Cutler LLP | $35,000 |
| Rating agency | Fitch | $370,000 |
| Rating agency | Kroll | $300,000 |
| Rating agency | Moodys | $750,000 |
| Paying agent, trustee and escrow | US Bank | $9,500 |
| Printing, disclosure and data services | ImageMaster LLC | $8,239 |
| Other costs | Causey Demgen & Moore PC | $47,000 |
| Other costs | Finsight Group Inc | $7,000 |
| Other costs | Hays Law Firm | $40,000 |
| Other costs | Monty G Humble | $300,000 |
| Other costs | United Professionals Company | $55,000 |
From the costs of issuance reported to BRB. A firm that was not paid a reported fee is not listed.
Debt outstanding by fiscal year
Fiscal years 2023 to 2025
- Principal
- Interest
| Fiscal year? | Period? | Principal? | Interest? | Total debt service? |
|---|---|---|---|---|
| Fiscal year2025 | PeriodYear end | Principal$3,308,860,171 | Interest$1,375,292,105 | Total debt service$4,684,152,276 |
| Fiscal year2025 | PeriodPeriod 1 | Principal$3,389,122,843 | Interest$1,462,320,569 | Total debt service$4,851,443,412 |
| Fiscal year2024 | PeriodYear end | Principal$3,467,388,947 | Interest$1,551,345,602 | Total debt service$5,018,734,549 |
| Fiscal year2024 | PeriodPeriod 1 | Principal$3,521,750,000 | Interest$1,656,826,015 | Total debt service$5,178,576,015 |
| Fiscal year2023 | PeriodYear end | Principal$3,521,750,000 | Interest$1,736,187,469 | Total debt service$5,257,937,469 |
State issues are reported twice each fiscal year. "Year end" is the balance at the end of the fiscal year (reporting period 2), which the chart and the totals on this site use; "Period 1" is the earlier report in the same year. Where BRB reports a year end in more than one row, the chart and the totals add them.
Costs of issuance
Download CSVOne-time costs to the issuer: $26,438,125, or $7.51 per $1,000 of par.
Shown below but not added: $825,000 paid by the underwriter.
| Cost? | Paid to? | Type? | Amount? | Per $1,000? |
|---|---|---|---|---|
| CostBond counsel 3 fees | 15.3% of the issuer's costs | Subtotal $4,039,754 | Per $1,000$1.15 | |
| CostBond counsel | Paid toNorton Rose Fulbright US LLP | TypeOne time | Amount$2,120,550.00 | Per $1,000$0.60 |
| CostCo-bond counsel | Paid toLocke Lord LLP | TypeOne time | Amount$444,204.17 | Per $1,000$0.13 |
| CostCo-bond counsel | Paid toSimpson Thacher & Bartlett LLP | TypeOne time | Amount$1,475,000.00 | Per $1,000$0.42 |
| CostDisclosure counsel 1 fee | 8.0% of the issuer's costs | Subtotal $2,123,548 | Per $1,000$0.60 | |
| CostDisclosure counsel | Paid toMcCall Parkhurst & Horton LLP | TypeOne time | Amount$2,123,547.90 | Per $1,000$0.60 |
| CostFinancial advisor 2 fees | 13.3% of the issuer's costs | Subtotal $3,514,912 | Per $1,000$1.00 | |
| CostCo-financial advisor | Paid toDucera Partners LLC | TypeOne time | Amount$2,188,145.11 | Per $1,000$0.62 |
| CostFinancial advisor | Paid toEstrada Hinojosa & Co Inc | TypeOne time | Amount$1,326,767.18 | Per $1,000$0.38 |
| CostUnderwriter 2 fees | 48.0% of the issuer's costs | Subtotal $12,698,622 | Per $1,000$3.61 | |
| CostUnderwriter's spread: expenses | Paid toNot reported | TypeOne time | Amount$372,497.17 | Per $1,000$0.11 |
| CostUnderwriter's spread: takedown | Paid toNot reported | TypeOne time | Amount$12,326,125.00 | Per $1,000$3.50 |
| CostUnderwriter's counsel 1 fee | Subtotal $825,000 | Per $1,000Not added | ||
| CostUnderwriter's counsel Counted as: Paid by the underwriter: shown, not added | Paid toOrrick Herrington & Sutcliffe LLP | TypeOne time | Amount$825,000.00 | Per $1,000$0.23 |
| CostRating agency 3 fees | 5.4% of the issuer's costs | Subtotal $1,420,000 | Per $1,000$0.40 | |
| CostRating agency | Paid toFitch | TypeOne time | Amount$370,000.00 | Per $1,000$0.11 |
| CostRating agency | Paid toKroll | TypeOne time | Amount$300,000.00 | Per $1,000$0.09 |
| CostRating agency | Paid toMoodys | TypeOne time | Amount$750,000.00 | Per $1,000$0.21 |
| CostOther 10 fees | 10.0% of the issuer's costs | Subtotal $2,641,289 | Per $1,000$0.75 | |
| CostAttorney General review | Paid toNot reported | TypeOne time | Amount$9,500.00 | Per $1,000Under $0.01 |
| CostOther costs | Paid toNot reported | TypeOne time | Amount$2,130,050.00 | Per $1,000$0.60 |
| CostOther costs | Paid toCausey Demgen & Moore PC | TypeOne time | Amount$47,000.00 | Per $1,000$0.01 |
| CostOther costs | Paid toFinsight Group Inc | TypeOne time | Amount$7,000.00 | Per $1,000Under $0.01 |
| CostOther costs | Paid toHays Law Firm | TypeOne time | Amount$40,000.00 | Per $1,000$0.01 |
| CostOther costs | Paid toMonty G Humble | TypeOne time | Amount$300,000.00 | Per $1,000$0.09 |
| CostOther costs | Paid toUnited Professionals Company | TypeOne time | Amount$55,000.00 | Per $1,000$0.02 |
| CostPrinting | Paid toImageMaster LLC | TypeOne time | Amount$8,238.92 | Per $1,000Under $0.01 |
| CostTrustee | Paid toUS Bank | TypeOne time | Amount$9,500.00 | Per $1,000Under $0.01 |
| CostTrustee counsel | Paid toChapman & Cutler LLP | TypeOne time | Amount$35,000.00 | Per $1,000$0.01 |
| CostTotal, 22 fees | Amount$27,263,125 | Per $1,000 | ||
| CostCosts to the issuer | Amount$26,438,125 | Per $1,000$7.51 | ||
Bond counsel 3 fees15.3%$4,039,754$1.15 per $1,000
- Cost
- Bond counsel
- Paid to
- Norton Rose Fulbright US LLP
- Type
- One time
- Amount
- $2,120,550.00
- Per $1,000
- $0.60
- Cost
- Co-bond counsel
- Paid to
- Locke Lord LLP
- Type
- One time
- Amount
- $444,204.17
- Per $1,000
- $0.13
- Cost
- Co-bond counsel
- Paid to
- Simpson Thacher & Bartlett LLP
- Type
- One time
- Amount
- $1,475,000.00
- Per $1,000
- $0.42
Disclosure counsel 1 fee8.0%$2,123,548$0.60 per $1,000
- Cost
- Disclosure counsel
- Paid to
- McCall Parkhurst & Horton LLP
- Type
- One time
- Amount
- $2,123,547.90
- Per $1,000
- $0.60
Financial advisor 2 fees13.3%$3,514,912$1.00 per $1,000
- Cost
- Co-financial advisor
- Paid to
- Ducera Partners LLC
- Type
- One time
- Amount
- $2,188,145.11
- Per $1,000
- $0.62
- Cost
- Financial advisor
- Paid to
- Estrada Hinojosa & Co Inc
- Type
- One time
- Amount
- $1,326,767.18
- Per $1,000
- $0.38
Underwriter 2 fees48.0%$12,698,622$3.61 per $1,000
- Cost
- Underwriter's spread: expenses
- Paid to
- Not reported
- Type
- One time
- Amount
- $372,497.17
- Per $1,000
- $0.11
- Cost
- Underwriter's spread: takedown
- Paid to
- Not reported
- Type
- One time
- Amount
- $12,326,125.00
- Per $1,000
- $3.50
Underwriter's counsel 1 fee$825,000Not added
- Cost
- Underwriter's counsel
Counted as: Paid by the underwriter: shown, not added - Paid to
- Orrick Herrington & Sutcliffe LLP
- Type
- One time
- Amount
- $825,000.00
- Per $1,000
- $0.23
Rating agency 3 fees5.4%$1,420,000$0.40 per $1,000
- Cost
- Rating agency
- Paid to
- Fitch
- Type
- One time
- Amount
- $370,000.00
- Per $1,000
- $0.11
- Cost
- Rating agency
- Paid to
- Kroll
- Type
- One time
- Amount
- $300,000.00
- Per $1,000
- $0.09
- Cost
- Rating agency
- Paid to
- Moodys
- Type
- One time
- Amount
- $750,000.00
- Per $1,000
- $0.21
Other 10 fees10.0%$2,641,289$0.75 per $1,000
- Cost
- Attorney General review
- Paid to
- Not reported
- Type
- One time
- Amount
- $9,500.00
- Per $1,000
- Under $0.01
- Cost
- Other costs
- Paid to
- Not reported
- Type
- One time
- Amount
- $2,130,050.00
- Per $1,000
- $0.60
- Cost
- Other costs
- Paid to
- Causey Demgen & Moore PC
- Type
- One time
- Amount
- $47,000.00
- Per $1,000
- $0.01
- Cost
- Other costs
- Paid to
- Finsight Group Inc
- Type
- One time
- Amount
- $7,000.00
- Per $1,000
- Under $0.01
- Cost
- Other costs
- Paid to
- Hays Law Firm
- Type
- One time
- Amount
- $40,000.00
- Per $1,000
- $0.01
- Cost
- Other costs
- Paid to
- Monty G Humble
- Type
- One time
- Amount
- $300,000.00
- Per $1,000
- $0.09
- Cost
- Other costs
- Paid to
- United Professionals Company
- Type
- One time
- Amount
- $55,000.00
- Per $1,000
- $0.02
- Cost
- Printing
- Paid to
- ImageMaster LLC
- Type
- One time
- Amount
- $8,238.92
- Per $1,000
- Under $0.01
- Cost
- Trustee
- Paid to
- US Bank
- Type
- One time
- Amount
- $9,500.00
- Per $1,000
- Under $0.01
- Cost
- Trustee counsel
- Paid to
- Chapman & Cutler LLP
- Type
- One time
- Amount
- $35,000.00
- Per $1,000
- $0.01
- Total, 22 fees
- $27,263,125
- Costs to the issuer
- $26,438,125$7.51 per $1,000
Per $1,000 is computed here from each amount and the par. Subtotals and totals are rounded to the whole dollar.
How these costs are counted
- Net spread counted once. Takedown, management fee, spread expenses and underwriting risk make up the underwriter's spread. Where an issue reports an amount for any of them, its row for the underwriter's net spread (the same spread as one figure) is shown as a cross-check and not added.
- Paid by the underwriter: shown, not added to the issuer's costs. Rows BRB's table marks as paid by the underwriter (whether the underwriter paid the fee) are shown and count in the fees paid to that firm and role, but not in the issuer's one-time costs, per-$1,000 figures or medians.
- The issuer's one-time costs add every other one-time row: not annual fees, not rows paid by the underwriter, not the cross-check. Per $1,000 of par divides them by the issue's par and multiplies by 1,000 (computed here).
- Missing, zero and negative amounts. A row with no amount shows "Not reported" and is added to nothing. A reported $0 counts as $0, in sums and medians. A negative amount is added as reported; where a role's or firm's one-time costs on an issue come to less than $0, that issue is left out of the medians.
- Similar issues. The median per $1,000 of par for that group across other issues by the same type of issuer, with the same pledge, sold the same way, a par half to twice this one's and a fiscal year within 3 years, shown when at least 5 report it.
- Per $1,000 on each row is computed here from its amount and the par, not taken from BRB's rounded figure.
EMMA links are added as each issue is matched.
Source: State Issuance Fee By Year (updated by the publisher 8/27/2026); Debt Outstanding By Issuance State By Year (updated by the publisher 10/6/2026). Loaded here 10/18/2026.
Texas fiscal years run September 1 to August 31.
Issuer names are shown as published, without source footnote letters.
Figures are as reported to the agency and have not been independently verified.