New Issue: Houston brings $116.07 million of utility revenue refunding bonds

By Sheri Kasprzak

New York, Dec. 7 - The City of Houston sold $116,065,000 of series 2012F combined utility system first-lien revenue refunding bonds, according to a pricing sheet.

The bonds (Aa2/AA/) were sold through Raymond James/Morgan Keegan.

The bonds are due 2013 to 2022 and 2027 to 2033 with 2% to 5% coupons.

Proceeds will be used to refund the city's series 2008D-1 utility system revenue bonds.

Issuer:	City of Houston
Issue:	Series 2012F combined utility system first-lien revenue refunding bonds
Amount:	$116,065,000
Type:	Negotiated
Underwriters:	Raymond James/Morgan Keegan (lead), Barclays, Ramirez & Co. Inc. and Piper Jaffray & Co. (co-managers)
Rating:	Moody's: Aa2
	Standard & Poor's: AA
Pricing date:	Nov. 30
Settlement date:	Dec. 19
Amount	Maturity	Type	Coupon	Yield
$320,000	2013	Serial	2%	0.24%
$325,000	2014	Serial	2%	0.40%
$335,000	2015	Serial	2%	0.57%
$340,000	2016	Serial	2%	0.74%
$350,000	2017	Serial	2%	0.89%
$360,000	2018	Serial	3%	1.06%
$370,000	2019	Serial	3%	1.18%
$380,000	2020	Serial	3%	1.38%
$390,000	2021	Serial	3%	1.58%
$405,000	2022	Serial	3%	1.77%
$1.42 million	2027	Serial	2.5%	2.65%
$13,865,000	2028	Serial	4%	2.39%
$17.42 million	2029	Serial	4%	2.46%
$18,885,000	2030	Serial	5%	2.28%
$19.84 million	2031	Serial	5%	2.34%
$19.85 million	2032	Serial	5%	2.39%
$21.21 million	2033	Serial	5%	2.45%

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