Published on 5/8/2014 in the Prospect News Municipals Daily.
New Issue: Harris County Flood Control, Texas, offers $170.74 million of bonds
By Sheri Kasprzak
New York, May 8 - The Harris County Flood Control District of Texas sold $170,735,000 of series 2014 refunding bonds, said a pricing sheet. The offering was downsized from $195 million.
The deal included $60,285,000 of series 2014A district improvement refunding bonds, $36.7 million of series 2014A district contract tax refunding bonds and $73.75 million of series 2014B taxable district contract tax refunding bonds.
The 2014A district improvement bonds are due 2014 and 2025 to 2029 with 5% coupons. The 2014 bonds were not reoffered.
The 2014A contract tax bonds are due 2014 and 2025 to 2026 with 5% coupons. The 2014 bonds were not reoffered.
The 2014B bonds are due 2015 to 2018 with a term bond due in 2024. The serial coupons range from 0.25% to 1.818% and all priced at par. The 2024 bonds have a 3.211% coupon and priced at par.
The bonds (Aaa//AAA) were sold through Jefferies & Co. and Loop Capital Markets LLC.
Proceeds will be used to refund existing debt.
| Issuer: | Harris County Flood Control District
|
| Issue: | Series 2014 refunding bonds
|
| Amount: | $170,735,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and Loop Capital Markets LLC (lead); Baird & Co., BofA Merrill Lynch, Mesirow Financial Inc., Piper Jaffray & Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Pricing date: | May 8
|
|
|
| $60,285,000 series 2014A district improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.84 million | 2014 | Term | NRO | NRO
|
| $25.35 million | 2025 | Serial | 5% | 121.809
|
| $19.4 million | 2027 | Serial | 5% | 119.902
|
| $7.52 million | 2028 | Serial | 5% | 119.307
|
| $6,175,000 | 2029 | Serial | 5% | 118.519
|
|
|
| $36.7 million series 2014A district contract tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $390,000 2014 | Term | NRO | NRO
|
| $5,045,000 | 2025 | Serial | 5% | 121.809
|
| $31,265,000 | 2026 | Serial | 5% | 120.6
|
|
|
| $73.75 million series 2014B taxable district contract tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $16.27 million | 2015 | Serial | 0.25% | 100
|
| $16.34 million | 2016 | Serial | 0.637% | 100
|
| $16,505,000 | 2017 | Serial | 1.229% | 100
|
| $2.46 million | 2018 | Serial | 1.818% | 100
|
| $22,175,000 | 2024 | Term | 3.211% | 100
|
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