By Sheri Kasprzak
New York, July 12 - Harris County, Texas, sold $450 million of series 2011 tax anticipation notes on Tuesday, according to a term sheet.
The bonds were sold competitively to several winners. J.P. Morgan Securities LLC took a $175 million piece of the deal with a 0.15075% true interest cost. Wells Fargo Bank, NA took a $100 million slice with a 0.15011% TIC and a $25 million piece with a 0.15011% TIC. Goldman Sachs & Co. won a $100 million piece with a 0.15011% TIC. Jefferies & Co. won a $50 million slice with a 0.15009% TIC.
The weighted TIC was 0.15036%.
The notes are due Feb. 29, 2012 and have a 2.5% coupon priced at 101.434.
Proceeds will be used to finance general fund requirements ahead of the collection of taxes.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2011 tax anticipation notes
|
| Amount: | $450 million
|
| Maturity: | Feb. 29, 2012
|
| Coupon: | 2.5%
|
| Price: | 101.434
|
| Type: | Competitive
|
| Underwriters: | J.P. Morgan Securities LLC (for $175 million); Wells Fargo Bank, NA (for $125 million); Goldman Sachs & Co. (for $100 million); Jefferies & Co. (for $50 million)
|
| Weighted true interest cost: | 0.15036%
|
| Pricing date: | July 12
|
| Settlement date: | July 21
|
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