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Houston to sell $450 million pension bonds
By Sheri Kasprzak
New York, Nov. 25 - The city of Houston is expected to price $450 million in series 2008 taxable pension obligation and taxable pension obligation refunding bonds, according to a preliminary official statement.
The sale includes $430 million in series 2008A taxable pension obligation refunding bonds and $20 million in series 2008B taxable pension obligation bonds.
The bonds (Aa3/AA/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the senior manager.
The co-managers are Depfa First Albany Securities; Goldman, Sachs & Co.; Ramirez & Co.; Banc of America Securities LLC; Morgan Stanley & Co. Inc.; RBC Capital Markets; and Siebert Brandford Shank & Co.
Proceeds from the series 2008A bonds will be used to refund, prepay and defease the city's series 2004 collateralized pension obligation notes. Proceeds from the series 2008B bonds will be used to fund an unfunded portion of the Houston Police Officer Pension System.
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