By Cristal Cody
Springdale, Ark., Feb. 13 - Harris County, Texas, priced $313.065 million in four bond sales that will help the county refund a portion of its outstanding bonds.
The bonds (Aa1/AA+/AA+) priced with coupons up to 5.25%, said Charisse Mosely, deputy director of Harris County's financial services.
The county priced series 2008A $34.055 million permanent improvement refunding bonds and series 2008A $34.605 million unlimited tax road refunding bonds.
Those bonds have maturities from 2008 through 2012 and then in 2015.
The permanent improvement bonds had coupons ranging from 4% to 5% with yields from 1.25% to 3.11%. The coupons and yields for the road refunding bonds were not immediately available.
The Harris County Flood Control District also priced series 2008A $107.31 million flood control district contract tax refunding bonds and series 2008B $137.095 million variable rate bonds.
Series 2008A flood bonds, which mature 2015 through 2021, priced with coupons from 4% to 5.25% with yields from 1.63% to 3.88%, Mosely said.
The initial rate on series 2008B variable rate bonds has not been set and won't be available until closing on March 5, she said.
The bonds priced with a true interest cost of 3.672%.
Morgan Keegan & Co. and Estrada Hinojosa & Co. are the lead managers, with Rice Financial Products Co., Jackson Securities, Southwest Securities and RBC Capital markets as co-managers.
| Issuer: | Harris County, Texas
|
| Type: | Negotiated
|
| Amount: | $313.065 million
|
| True interest cost: | 3.672%
|
| Underwriter: | Morgan Keegan & Co. (lead)
|
| Ratings: | Moody's: Aa1
|
| S&P: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 7
|
|
|
| Issue: | Series 2008A permanent improvement refunding bonds
|
| Amount: | $34.055 million
|
| Maturities: | 2008 through 2012; 2015
|
| Coupons: | 4% to 5%
|
| Yields: | 1.25% to 3.11%
|
|
|
| Issue: | Series 2008A flood control district contract tax refunding bonds
|
| Amount: | $107.31 million
|
| Maturities: | 2015 through 2021
|
| Coupons: | 4% to 5.25%
|
| Yields: | 1.63% to 3.88%
|
|
|
| Issue: | Series 2008B flood control district contract tax refunding bonds
|
| Amount: | $137.095 million
|
| Rate: | Variable
|
| Closing: | March 5
|
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