By Sheri Kasprzak
New York, July 26 - The City of Houston sold $254.46 million series 2011 hotel occupancy tax and special revenue refunding bonds, according to a pricing sheet.
The deal included $116.735 million of series 2011A bonds and $137.725 million of series 2011B bonds.
The 2011A bonds are due 2012 to 2033 with 1.5% to 5.25% coupons. The 2011B bonds are due 2012 to 2033 with 1.5% to 5.25% coupons.
The bonds (A2/A-) were sold through Piper Jaffray & Co. The co-managers were Bank of America Merrill Lynch, Hutchinson, Shockey, Erley & Co., Estrada Hinojosa & Co., Mesirow Financial Inc. and Raymond James & Associates Inc.
Proceeds will be used to refund auction-rate bonds and refund the city's series 2001A hotel occupancy tax and special revenue bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2011 hotel occupancy tax and special revenue refunding bonds
|
| Amount: | $254.46 million
|
| Type: | Negotiated
|
| Underwriters: | Piper Jaffray & Co. (lead), Bank of America Merrill Lynch, Hutchinson, Shockey, Erley & Co., Estrada Hinojosa & Co., Mesirow Financial Inc. and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 31
|
|
|
| $116.735 mm A
|
| Amount | Maturity | Type | Coupon | Price
|
| $14.81 million | 2012 | Serial | 1.5% | 100.765
|
| $16.34 million | 2013 | Serial | 5% | 107.797
|
| $17.995 million | 2014 | Serial | 5% | 110.229
|
| $12.495 million | 2015 | Serial | 5% | 111.477
|
| $2.435 million | 2016 | Serial | 5% | 112.231
|
| $3.535 million | 2017 | Serial | 5% | 112.19
|
| $4.685 million | 2018 | Serial | 5% | 110.811
|
| $5.955 million | 2019 | Serial | 5.25% | 111.014
|
| $6.63 million | 2020 | Serial | 5% | 108.36
|
| $1.855 million | 2021 | Serial | 4% | 99.51
|
| $945,000 | 2022 | Serial | 4% | 97.821
|
| $1 million | 2022 | Serial | 5% | 106.058
|
| $2.02 million | 2023 | Serial | 5% | 104.729
|
| $2.1 million | 2024 | Serial | 4.375% | 98.008
|
| $2.19 million | 2025 | Serial | 4.5% | 97.864
|
| $2.63 million | 2026 | Serial | 5% | 101.812
|
| $2.725 million | 2027 | Serial | 4.75% | 98.023
|
| $2.955 million | 2028 | Serial | 5.25% | 102.343
|
| $2.99 million | 2029 | Serial | 5.25% | 101.633
|
| $2.615 million | 2030 | Serial | 5% | 98.672
|
| $2.55 million | 2031 | Serial | 5% | 98.14
|
| $2.64 million | 2032 | Serial | 5% | 97.712
|
| $2.64 million | 2033 | Serial | 5% | 96.887
|
|
|
| $137.725 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $12.72 million | 2012 | Serial | 1.5% | 100.765
|
| $9.875 million | 2013 | Serial | 5% | 107.797
|
| $7.84 million | 2014 | Serial | 5% | 110.229
|
| $7.835 million | 2015 | Serial | 5% | 111.477
|
| $8.31 million | 2016 | Serial | 5% | 112.231
|
| $8.71 million | 2017 | Serial | 4.875% | 109.863
|
| $4.265 million | 2018 | Serial | 5% | 108.208
|
| $4.48 million | 2019 | Serial | 5% | 106.589
|
| $4.345 million | 2020 | Serial | 5% | 105.464
|
| $4.84 million | 2021 | Serial | 5% | 104.675
|
| $6.305 million | 2022 | Serial | 5% | 103.802
|
| $6.755 million | 2023 | Serial | 5.125% | 103.63
|
| $7.355 million | 2024 | Serial | 5.25% | 103.551
|
| $7.92 million | 2025 | Serial | 5.25% | 102.739
|
| $4.295 million | 2026 | Serial | 5.25% | 102.113
|
| $4.965 million | 2027 | Serial | 5.25% | 101.491
|
| $4.1 million | 2028 | Serial | 5.25% | 101.094
|
| $4.43 million | 2029 | Serial | 5% | 98.023
|
| $4.385 million | 2030 | Serial | 5% | 97.722
|
| $4.605 million | 2031 | Serial | 5% | 97.047
|
| $5.05 million | 2032 | Serial | 5.125% | 97.798
|
| $4.34 million | 2033 | Serial | 5.125% | 96.985
|
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