By Sheri Kasprzak
New York, April 1 - The Harris County Cultural Education Facilities Finance Corp. in Texas priced $64.91 million in series 2009 special facilities revenue refunding bonds for Texas Medical Center, according to an official statement.
The sale included $55 million in series 2009A tax-exempt bonds and $9.91 million in series 2009B taxable bonds.
The 2009A bonds (Aa2/AAA/) are due 2013 to 2021 with a term bond due 2023. The serials have coupons from 3.25% to 4.5% and yields from 3.15% to 4.85%. The 2023 bonds have a 5% coupon, priced at par.
The 2009B bonds (A1/A+/) are due 2012 and have a 5% coupon, priced at par.
RBC Capital Markets Corp. and J.P. Morgan Securities Inc. were the co-leads with Wachovia Bank, Raymond James & Associates Inc. and Edward Jones & Co. as co-managers.
Proceeds will be used to refund existing debt.
| Issuer: | Harris County Cultural Education Facilities Finance Corp./Texas Medical Center
|
| Issue: | Series 2009 special facilities revenue refunding bonds
|
| Amount: | $64.91 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets Corp. and J.P. Morgan Securities Inc. (lead); Wachovia Bank; Raymond James & Associates Inc.; and Edward Jones & Co. (co-managers)
|
| Ratings: | Moody's: Aa2 for 2009A and A1 for 2009B
|
| Standard & Poor's: AAA for 2009A and A+ for 2009B
|
| Pricing date: | March 31
|
| Settlement date: | April 9
|
|
|
| Series 2009A
|
| Maturity | Type | Coupon | Yield
|
| 2013 | Serial | 3.25% | 3.15%
|
| 2014 | Serial | 3.5% | 3.55%
|
| 2015 | Serial | 4% | 3.78%
|
| 2016 | Serial | 4% | 4.00%
|
| 2017 | Serial | 4% | 4.18%
|
| 2018 | Serial | 4.125 | 4.375%
|
| 2019 | Serial | 4.25% | 4.50%
|
| 2020 | Serial | 4.5% | 4.68%
|
| 2021 | Serial | 4.5% | 4.85%
|
| 2023 | Term | 5% | 5.00%
|
|
|
| Series 2009B
|
| Maturity | Type | Coupon | Yield
|
| 2012 | Term | 5% | 5.00%
|
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