By Sheri Kasprzak
New York, Feb. 24 - The City of Houston revealed the particulars of its previously announced $273.275 million sale of series 2011A combined utility system revenue refunding bonds, according to a pricing sheet.
The bonds (/AA/AA-/) were sold Wednesday through Rice Financial Products Co. with Morgan Stanley & Co. Inc., Piper Jaffray & Co., Fidelity Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC as the co-managers.
The bonds are due 2027 to 2031 with a term bond due in 2033. The serial coupons range from 4.375% to 5.25%. The 2033 bonds have a 5% coupon priced at 99.002.
Proceeds will be used to refund the city's series 2004C-1, 2004C-2A and 2004C-2B bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2011A combined utility system revenue refunding bonds
|
| Amount: | $273.275 million
|
| Type: | Negotiated
|
| Underwriters: | Rice Financial Products Co. (lead), Morgan Stanley & Co. Inc., Piper Jaffray & Co., Fidelity Capital Markets LLC, Ramirez & Co. Inc. and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor's: AA/AA-
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.395 million | 2027 | Serial | 4.375% | 97.849
|
| $33.37 million | 2028 | Serial | 5.25% | 107.297
|
| $44.035 million | 2029 | Serial | 5.25% | 106.524
|
| $45.815 million | 2030 | Serial | 5.25% | 105.682
|
| $47.68 million | 2031 | Serial | 5.25% | 104.911
|
| $100.98 million | 2033 | Term | 5% | 99.002
|
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