Houston to price $481.13 million revenue and refunding bonds

By Cristal Cody

Tupelo, Miss., March 13 - Houston intends to price $481.13 million in combined utility system revenue and refunding bonds, according to a preliminary official statement.

The series 2009A first-lien bonds have serial maturities from Nov. 15, 2009 through Nov. 15, 2029 and term maturities in 2033 and 2038.

Piper Jaffray & Co. is the senior manager of the negotiated sale.

The co-managers are Banc of America Securities LLC; Loop Capital Markets LLC; Morgan Stanley & Co. Inc.; Fidelity Capital Markets Services Inc.; Ramirez & Co., Inc.; RBC Capital Markets Corp.; Siebert Brandford Shank & Co. LLC; and Southwest Securities Inc.

The proceeds will be used to refund and defease $300 million in outstanding series A commercial paper notes and series 2008D2 first-lien revenue refunding bonds. The proceeds also will be used to reimburse the system for project costs.

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