Houston intends to price $260 million of hotel occupancy tax and special revenue bonds

By Sheri Kasprzak

New York, July 7 - The City of Houston plans to issue $260 million of series 2011 hotel occupancy tax and special revenue refunding bonds, according to a preliminary official statement.

The bonds (A2/A-/) will be sold on a negotiated basis with Piper Jaffray & Co. as the lead manager. The co-managers are Bank of America Merrill Lynch; Hutchinson, Shockey, Erley & Co.; Estrada Hinojosa & Co.; Mesirow Financial Inc.; and Raymond James & Associates Inc.

The offering will be conducted in two tranches, but the exact breakdown was unavailable Thursday.

The maturities have not been set.

Proceeds will be used to refund certain auction-rate bonds, as well as to refund the city's series 2001A hotel occupancy tax and special revenue refunding bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.