By Sheri Kasprzak
New York, Oct. 5 - The City of Houston sold $239.485 million of series 2011 public improvement refunding bonds, according to a pricing sheet.
The offering included $192.475 million of series 2011A public improvement refunding bonds and $47.01 million of series 2011B taxable public improvement refunding bonds.
The 2011A bonds are due 2015 to 2023 with 3% to 5% coupons. The 2011B bonds are due 2023 to 2025 with term bonds due in 2014 and 2041. The serial coupons range from 3.393% to 3.693%, all priced at par. The 2014 bonds have a 1.144% coupon priced at par, and the 2041 bonds have a 4.348% coupon, also priced at par.
The bonds (Aa2/AA/) were sold through J.P. Morgan Securities LLC. The co-managers were RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Citigroup Global Markets Inc., Rice Financial Products Co. and Samco Capital Markets Inc.
Proceeds will be used to refund some of the city's outstanding public improvement bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2011 public improvement refunding bonds
|
| Amount: | $239.485 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), RBC Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Citigroup Global Markets Inc., Rice Financial Products Co. and Samco Capital Markets Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 27
|
|
|
| $192.475 million series 2011A public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13.345 million | 2015 | Serial | 4% | 110.224
|
| $650,000 | 2016 | Serial | 3% | 106.85
|
| $1.975 million | 2016 | Serial | 4% | 111.054
|
| $22.215 million | 2016 | Serial | 5% | 116.733
|
| $500,000 | 2017 | Serial | 3.5% | 109.103
|
| $7.6 million | 2017 | Serial | 4% | 111.646
|
| $17.88 million | 2017 | Serial | 5% | 116.733
|
| $8.7 million | 2018 | Serial | 4% | 111.543
|
| $18.475 million | 2018 | Serial | 5% | 117.463
|
| $1.375 million | 2019 | Serial | 4% | 110.996
|
| $14.675 million | 2019 | Serial | 5% | 117.703
|
| $2.515 million | 2020 | Serial | 4% | 110.28
|
| $20 million | 2020 | Serial | 5% | 117.731
|
| $700,000 | 2021 | Serial | 4% | 110.062
|
| $22.915 million | 2021 | Serial | 5% | 118.245
|
| $1.25 million | 2022 | Serial | 4% | 109.579
|
| $23.535 million | 2022 | Serial | 5% | 118.451
|
| $14.17 million | 2023 | Serial | 5% | 118.261
|
|
|
| $47.01 million series 2011B taxable public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.935 million | 2014 | Term | 1.144% | 100
|
| $10.825 million | 2023 | Serial | 3.393% | 100
|
| $6.88 million | 2024 | Serial | 3.593% | 100
|
| $7.12 million | 2025 | Serial | 3.693% | 100
|
| $20.25 million | 2041 | Term | 4.348% | 100
|
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