Published on 10/4/2012 in the Prospect News Municipals Daily.
New Issue: Harris County, Texas, prices $350.86 million of toll road revenue refunding bonds
By Sheri Kasprzak
New York, Oct. 4 - Harris County, Texas, sold $350,855,000 of series 2012 toll road senior-lien revenue refunding bonds, according to a pricing sheet.
The deal included $252,845,000 of series 2012C bonds and $98.01 million of series 2012D taxable refunding bonds.
The 2012C bonds are due 2013 and 2022 to 2033 with 2% to 5% coupons. The 2012D bonds are due 2013 to 2018 with 0.4% to 1.68% coupons, all priced at par.
The bonds (/AA-/AA-) were sold through Wells Fargo Securities LLC and Bank of America Merrill Lynch.
Proceeds will be used to refund outstanding toll road senior-lien revenue bonds.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2012 toll road senior-lien revenue refunding bonds
|
| Amount: | $350,855,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC and Bank of America Merrill Lynch (lead); Loop Capital Markets LLC, Mesirow Financial Inc., M.R. Beal & Co. Inc., RBC Capital Markets LLC and Robert W. Baird & Co. Inc. (co-managers)
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: AA-
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 26
|
|
|
| $252,845,000 series 2012C bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $23.15 million | 2013 | Serial | 2% | 101.428
|
| $2,405,000 | 2022 | Serial | 5% | 126.277
|
| $2.51 million | 2023 | Serial | 5% | 124.366
|
| $2.45 million | 2024 | Serial | 5% | 123.374
|
| $24,305,000 | 2025 | Serial | 5% | 122.783
|
| $25.55 million | 2026 | Serial | 5% | 121.903
|
| $26.86 million | 2027 | Serial | 5% | 121.224
|
| $28,235,000 | 2028 | Serial | 5% | 120.742
|
| $29.69 million | 2029 | Serial | 5% | 120.166
|
| $31.21 million | 2030 | Serial | 5% | 119.594
|
| $10 million | 2031 | Serial | 5% | 119.025
|
| $10,315,000 | 2032 | Serial | 5% | 118.459
|
| $30 million | 2033 | Serial | 4% | 106.682
|
| $6,165,000 | 2033 | Serial | 5% | 117.896
|
|
|
| $98.01 million series 2012D taxable refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.53 million | 2013 | Serial | 0.4% | 100
|
| $2.54 million | 2014 | Serial | 0.534% | 100
|
| $18.73 million | 2015 | Serial | 0.753% | 100
|
| $32.89 million | 2016 | Serial | 1.061% | 100
|
| $19.57 million | 2017 | Serial | 1.361% | 100
|
| $21.75 million | 2018 | Serial | 1.68% | 100
|
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