Houston defeases junior-lien and first-lien revenue refunding bonds

By Tali Rackner

Norfolk, Va., July 18 – The City of Houston defeased various junior-lien and first-lien revenue refunding bonds, according to a Rule 15c2-12 filing with the Securities and Exchange Commission.

The city will redeem $61.47 million of series 2004A-1 water and sewer system junior-lien revenue and refunding bonds due Dec. 1, 2015 through 2024.

It will also redeem $70,355,000 of series 2004A-2 water and sewer system junior-lien revenue and refunding bonds due Dec. 1, 2015 through 2024.

The city will redeem $166.84 million of series 2005 combined utility system first-lien revenue refunding bonds due Nov. 15, 2025 through 2028, 2030 and 2035.

It will also redeem $10,925,000 of series 2007A combined utility system first-lien revenue refunding bonds due Nov. 15, 2019 through 2024.

Finally, Houston will redeem $27,075,000 of series 2007B combined utility system first-lien revenue refunding bonds due Nov. 15, 2019 through 2024.

The 2004 bonds will be redeemed on Dec. 1, the 2005 bonds will be redeemed on Nov. 15, 2015 and the 2007 bonds will be redeemed on Nov. 15, 2017.

The bonds will be redeemed at par plus accrued interest to the redemption dates.

The Bank of New York Mellon Trust Co., NA is the paying agent for the 2004A-1, 2004A-2 and 2005 bonds. Wells Fargo Bank, NA is the paying agent for the 2007 bonds.

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