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Houston to sell $450 million pension obligation bonds Tuesday
By Sheri Kasprzak
New York, Dec. 1 - The city of Houston is expected to sell $450 million in series 2008 taxable pension obligation and taxable pension obligation refunding bonds on Tuesday, according to a calendar of bond offerings.
The bonds (Aa3/AA/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead 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.
The sale includes $430 million in series 2008A taxable pension obligation refunding bonds and $20 million in series 2008B taxable pension obligation bonds.
Proceeds will be used to refund, prepay and defease the city's series 2004 collateralized pension obligation notes and fund an unfunded portion of the Houston Police Officer Pension System.
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