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Houston plans $450 million sale of utility system revenue bonds
By Sheri Kasprzak
New York, June 1 - The City of Houston is expected to price $450 million of series 2011D first-lien combined utility system revenue bonds, said a preliminary official statement.
The bonds (Aa2/AA) will be sold on a negotiated basis with Bank of America Merrill Lynch as the senior manager. The co-managers are Estrada Hinojosa & Co. Inc.; J.P. Morgan Securities LLC; Goldman, Sachs & Co.; Mesirow Financial Inc.; Piper Jaffray & Co.; Rice Financial Products Co.; and Wells Fargo Securities LLC.
The maturities have not been set, but the bonds are structure to mature serially with term bonds.
Proceeds will be used to extend, construct, improve and repair the city's utility systems, as well as to refund its series B commercial paper notes.
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