Houston offers $520 million airport system revenue refunding bonds

By Sheri Kasprzak

New York, Feb. 24 - The City of Houston is preparing to price $520 million of series 2012 airport system revenue refunding bonds, according to a preliminary official statement.

The sale includes $280 million of series 2012A AMT bonds, $220 million of series 2012B AMT bonds and $20 million of series 2012C taxable bonds.

The bonds will be sold on a negotiated basis with Morgan Stanley & Co. LLC as the senior manager. The co-managers are Ramirez & Co. Inc., RBC Capital Markets LLC, Blaylock Robert Van LLC, Jefferies & Co. and Wells Fargo Securities LLC.

The 2012A bonds are due 2016 to 2032, and the 2012B bonds are due 2021 to 2032. The 2012C bonds are due 2013 to 2015.

Proceeds will be used to refund the city's series 1998B-C, 2000A, 2001A and 2002A-B airport system revenue bonds.

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