Published on 3/7/2012 in the Prospect News Municipals Daily.
New Issue: Houston sells $503.72 million airport system revenue refunding bonds
By Sheri Kasprzak
New York, March 7 - The City of Houston priced $503.72 million of series 2012 airport system revenue refunding bonds, according to a pricing sheet.
The deal included $286,585,000 of series 2012A AMT bonds and $217,135,000 of series 2012B AMT bonds.
The 2012A bonds are due 2016 to 2032 with 5% coupons. The 2012B bonds are due 2021 to 2032 with 5% coupons.
The bonds were sold through Morgan Stanley & Co. LLC with Ramirez & Co. Inc., RBC Capital Markets LLC, Blaylock Robert Van LLC, Jefferies & Co. and Wells Fargo Securities LLC as the co-managers.
Proceeds will be used to refund the city's series 1998B-C, 2000A, 2001A and 2002A-B airport system revenue bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2012 airport system revenue refunding bonds
|
| Amount: | $503.72 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Ramirez & Co. Inc., RBC Capital Markets LLC, Blaylock Robert Van LLC, Jefferies & Co. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | March 7
|
| Settlement date: | April 5
|
|
|
| $286,585,000 series 2012A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.04 million | 2016 | Serial | 5% | 113.966
|
| $3.19 million | 2017 | Serial | 5% | 115.656
|
| $5.04 million | 2018 | Serial | 5% | 115.857
|
| $7.96 million | 2019 | Serial | 5% | 115.81
|
| $8,355,000 | 2020 | Serial | 5% | 115.129
|
| $8,785,000 | 2021 | Serial | 5% | 114.122
|
| $5,035,000 | 2022 | Serial | 5% | 113.546
|
| $33,535,000 | 2023 | Serial | 5% | 112.259
|
| $35.22 million | 2024 | Serial | 5% | 111.08
|
| $27,875,000 | 2025 | Serial | 5% | 110.183
|
| $8,195,000 | 2026 | Serial | 5% | 109.295
|
| $11.15 million | 2027 | Serial | 5% | 108.503
|
| $11.72 million | 2028 | Serial | 5% | 108.153
|
| $9.88 million | 2029 | Serial | 5% | 107.717
|
| $10,375,000 | 2030 | Serial | 5% | 107.111
|
| $56,495,000 | 2031 | Serial | 5% | 107.025
|
| $40,735,000 | 2032 | Serial | 5% | 106.595
|
|
|
| $217,135,000 series 2012B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.93 million | 2021 | Serial | 5% | 119.232
|
| $4,845,000 | 2022 | Serial | 5% | 119.069
|
| $5,085,000 | 2023 | Serial | 5% | 117.611
|
| $5.34 million | 2024 | Serial | 5% | 116.364
|
| $5.61 million | 2025 | Serial | 5% | 115.416
|
| $5,885,000 | 2026 | Serial | 5% | 114.476
|
| $40,075,000 | 2027 | Serial | 5% | 113.639
|
| $42.09 million | 2028 | Serial | 5% | 113.085
|
| $6,825,000 | 2029 | Serial | 5% | 112.442
|
| $7,165,000 | 2030 | Serial | 5% | 111.713
|
| $55,805,000 | 2031 | Serial | 5% | 111.261
|
| $33.48 million | 2032 | Serial | 5% | 110.72
|
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