By Sheri Kasprzak
New York, June 12 - Harris County, Texas, came to market Tuesday with $375 million of series 2012-13 tax anticipation notes, said a pricing sheet.
The notes (/SP-1+/F1+) were sold competitively. Raymond James/Morgan Keegan took $30 million of the notes at a true interest cost of 0.11129%. Morgan Stanley & Co. LLC won $50 million of the notes at a 0.11129% TIC and Bank of America Merrill Lynch took $25 million of the notes at a 0.11168% TIC. Wells Fargo Bank, NA took $200 million of the notes at a 0.11355% TIC and J.P. Morgan Securities LLC won $70 million of the debt at a 0.11528% TIC.
The weighted average TIC was 0.11327%.
All of the bonds are due Feb. 28, 2013. The $30 million portion has a 2% coupon priced at par. The $50 million portion bears interest at 2% priced at par. The $25 million portion bears interest at 1.5% priced at par. The $200 million portion has a 1% coupon priced at par and the $70 million portion has a 2.5% coupon priced at par.
Proceeds will be used to fund county expenses ahead of ad valorem taxes to be collected in the latter half of the 2012-13 fiscal year.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2012-13 tax anticipation notes
|
| Amount: | $375 million
|
| Type: | Competitive
|
| Weighted TIC: | 0.11327%
|
| Ratings: | Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 12
|
| Settlement date: | June 27
|
|
|
| Amount | Maturity | Coupon | Price | TIC | Winner
|
| $30 million | Feb. 28, 2013 | 2% | 100 | 0.11129% | Raymond James/Morgan Keegan
|
| $50 million | Feb. 28, 2013 | 2% | 100 | 0.11129% | Morgan Stanley & Co. LLC
|
| $25 million | Feb. 28, 2013 | 1.5% | 100 | 0.11168% | Bank of America Merrill Lynch
|
| $200 million | Feb. 28, 2013 | 1% | 100 | 0.11355% | Well Fargo Bank, NA
|
| $70 million | Feb. 28, 2013 | 2.5% | 100 | 0.11327% | J.P. Morgan Securities LLC
|
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