Published on 4/26/2013 in the Prospect News Municipals Daily.
New Issue: Houston offers $350.9 million of public improvement bonds
By Sheri Kasprzak
New York, April 26 - The City of Houston priced $350.9 million of series 2013 public improvement bonds, said a pricing sheet. The offering was upsized from $332.5 million.
The deal included $267.01 million of series 2013A public improvement refunding bonds, $76.53 million of series 2013B public improvement refunding bonds and $7.36 million of series 2013A demolition program certificates of obligation.
The 2013A refunding bonds are due 2014 to 2032 with term bonds due in 2038 and 2043. The serial coupons range from 2% to 5%. The 2038 bonds have a 5% coupon priced at 114.481. The 2043 bonds have a 5% coupon priced at 113.761.
The 2013B bonds are due 2014 to 2025 with term bonds due in 2032, 2033 and 2035. The serial coupons range from 0.25% to 2.97%, all priced at par. The 2032 bonds have a 3.914% coupon, the 2033 bonds have a 3.964% coupon, and the 2035 bonds have a 4.064% coupon, all priced at par.
The 2013A demolition bonds are due 2018 to 2023 with 5% coupons.
The bonds (/AA/AA) were sold through Rice Financial Products Co.
Proceeds will be used to refund existing debt and to demolish dangerous structures in the city.
| Issuer: | City of Houston
|
| Issue: | Series 2013 public improvement bonds
|
| Amount: | $350.9 million
|
| Type: | Negotiated
|
| Underwriters: | Rice Financial Products Co. (lead), Barclays, Wells Fargo Securities LLC and Backstrom McCarley Berry & Co. LLC (co-managers)
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | April 25
|
| Settlement date: | May 16
|
|
|
| $267.01 million series 2013A public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,445,000 | 2014 | Serial | 2% | 101.407
|
| $10,835,000 | 2015 | Serial | 3% | 104.655
|
| $8.9 million | 2016 | Serial | 4% | 109.485
|
| $18,525,000 | 2017 | Serial | 4% | 112.126
|
| $23,835,000 | 2018 | Serial | 5% | 118.822
|
| $24.39 million | 2019 | Serial | 5% | 121.073
|
| $25.61 million | 2020 | Serial | 5% | 122.952
|
| $22,625,000 | 2021 | Serial | 5% | 123.902
|
| $17.12 million | 2022 | Serial | 5% | 124.895
|
| $17.98 million | 2023 | Serial | 5% | 125.643
|
| $18,875,000 | 2024 | Serial | 5% | 124.043
|
| $19.82 million | 2025 | Serial | 5% | 122.858
|
| $3.5 million | 2026 | Serial | 5% | 121.107
|
| $3.67 million | 2027 | Serial | 5% | 119.955
|
| $3,855,000 | 2028 | Serial | 5% | 119.1
|
| $4.05 million | 2029 | Serial | 5% | 118.253
|
| $4.25 million | 2030 | Serial | 5% | 117.598
|
| $4.46 million | 2031 | Serial | 5% | 117.133
|
| $4.69 million | 2032 | Serial | 5% | 116.671
|
| $13.9 million | 2038 | Term | 5% | 114.481
|
| $13,675,000 | 2043 | Term | 5% | 113.761
|
|
|
| $76.53 million series 2013B public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,265,000 | 2014 | Serial | 0.25% | 100
|
| $2,015,000 | 2015 | Serial | 0.547% | 100
|
| $2.03 million | 2016 | Serial | 0.787% | 100
|
| $15.33 million | 2017 | Serial | 1.121% | 100
|
| $15,505,000 | 2018 | Serial | 1.291% | 100
|
| $20,215,000 | 2019 | Serial | 1.487% | 100
|
| $5,345,000 | 2020 | Serial | 1.837% | 100
|
| $2.57 million | 2021 | Serial | 2.17% | 100
|
| $1.79 million | 2022 | Serial | 2.44% | 100
|
| $1,825,000 | 2023 | Serial | 2.61% | 100
|
| $1,885,000 | 2024 | Serial | 2.77% | 100
|
| $1.93 million | 2025 | Serial | 2.97% | 100
|
| $1,225,000 | 2032 | Term | 3.914% | 100
|
| $1,275,000 | 2033 | Term | 3.964% | 100
|
| $1,325,000 | 2035 | Term | 4.064% | 100
|
|
|
| $7.36 million series 2013A demolition program certificates of obligation
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.08 million | 2018 | Serial | 5% | 118.822
|
| $1,135,000 | 2019 | Serial | 5% | 121.073
|
| $1,195,000 | 2020 | Serial | 5% | 122.952
|
| $1,255,000 | 2021 | Serial | 5% | 123.902
|
| $1,315,000 | 2022 | Serial | 5% | 124.895
|
| $1.38 million | 2023 | Serial | 5% | 125.643
|
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