By Sheri Kasprzak
New York, July 8 - Harris County, Texas, priced $395 million in series 2008 tax anticipation notes Tuesday, said a source close to the sale.
"We had about 15 bidders, so we're very pleased with the response," the source said. "We're happy with the results."
Citigroup Global Markets was the winning bidder for $20 million of the notes with a 1.55866% true interest cost, and Goldman, Sachs & Co. was the winning bidder for $375 million of the notes with a 1.5669% TIC.
The notes (MIG1/SP-1+/F1+) are due Feb. 26, 2009 and have a 3% coupon, priced at par.
Proceeds will be used to handle the county's seasonal cash flow deficit for the current fiscal year ending Feb. 28, 2009, before the collection of taxes.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2008 tax anticipation notes
|
| Amount: | $395 million
|
| Type: | Competitive
|
| Maturity: | Feb. 26, 2009
|
| Coupon: | 3%
|
| Price: | Par
|
| True interest costs: | 1.55866% and 1.5669%
|
| Underwriters: | Citigroup Global Markets (for $20 million); Goldman, Sachs & Co. (for $375 million)
|
| Ratings: | Moody's: MIG1
|
| Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | July 8
|
| Settlement date: | July 17
|
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