By Sheri Kasprzak
New York, June 12 - The City of Houston came to market Wednesday with $180 million of series 2013 tax and revenue anticipation notes, according to a pricing sheet.
The notes (/SP-1+/F1+) were sold competitively. Raymond James/Morgan Keegan took $20 million of the notes at a 0.15012% true interest cost and Citigroup Global Markets Inc. took $25 million of the notes at a 0.15012% TIC. Mitsubishi UFJ Securities Inc. won $10 million of the notes at a 0.15557% TIC and another $10 million at a 0.15557% TIC. J.P. Morgan Securities LLC took $25 million of the notes at a 0.15732% TIC, and Wells Fargo Securities LLC won $90 million of the notes at a 0.15902% TIC.
The weighted average TIC was 0.15618%.
The TRANs are due June 30, 2014. The $20 million 2% notes won by Raymond James were priced at 101.837 to yield 0.15%. The $25 million of 2% notes won by JPMorgan were priced at 101.837 to yield 0.15%. The $20 million of 1.5% notes taken by Mitsubishi UFJ were priced at 101.31 to yield 0.18%. The $25 million of 1.25% notes Citigroup won were priced at 101.092 to yield 0.15%. The $90 million of 2% notes won by Wells Fargo were priced at 101.387 to yield 0.15%.
Proceeds will be used to finance capital needs for the city ahead of the collection of taxes and revenues.
| Issuer: | Houston
|
| Issue: | Series 2013 tax and revenue anticipation notes
|
| Amount: | $180 million
|
| Type: | Competitive
|
| Underwriters: | Raymond James/Morgan Keegan, Citigroup Global Markets Inc., Mitsubishi UFJ Securities Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC (winners)
|
| Weighted average TIC: | 0.15618%
|
| Ratings: | Standard & Poor's: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 12
|
| Settlement date: | June 24
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20 million | June 30, 2014 | Term | 2% | 101.837 | 0.15%
|
| $25 million | June 30, 2014 | Term | 2% | 101.837 | 0.15%
|
| $10 million | June 30, 2014 | Term | 1.5% | 101.31 | 0.18%
|
| $10 million | June 30, 2014 | Term | 1.5% | 101.31 | 0.18%
|
| $25 million | June 30, 2014 | Term | 1.25% | 101.092 | 0.15%
|
| $90 million | June 30, 2014 | Term | 2% | 101.387 | 0.15%
|
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