By Sheri Kasprzak
New York, June 18 – The City of Houston sold $200 million of series 2014 tax and revenue anticipation notes, according to a pricing sheet.
The notes (/SP-1+/F1+) were sold competitively.
Citigroup Global Markets Inc. took $25 million of the notes at a 0.10018% true interest cost; Goldman Sachs & Co. took $50 million of the notes at a 0.10018% TIC; and BofA Merrill Lynch won $50 million of the notes at a 0.10414% TIC. RBC Capital Markets LLC won $20 million of the notes at a 0.10465% TIC. FTN Financial Inc. took $10 million of the notes at a 0.10492% TIC and $10 million of the notes at a 0.10517% TIC. J.P. Morgan Securities LLC won $35 million of the notes at a 0.10517% TIC.
The weighted average TIC was 0.10298%.
All of the notes are due June 30, 2015, and $130 million of the notes have a 1% coupon priced at 100.894 to yield 0.1%; $20 million of the notes have a 2% coupon priced at 101.877 to yield 0.11%; and $50 million of the notes have a 5% coupon priced at 104.868 to yield 0.1%.
Proceeds will be used to finance working cash requirements in the coming year.
| Issuer: | City of Houston
|
| Issue: | Series 2014 tax and revenue anticipation notes
|
| Amount: | $200 million
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc., Goldman Sachs & Co., BofA Merrill Lynch, RBC Capital Markets LLC and FTN Financial Inc.
|
| Weighted average TIC: | 0.10298%
|
| Ratings: | Standard & Poor’s: SP-1+
|
| Fitch: F1+
|
| Pricing date: | June 18
|
| Settlement date: | July 2
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $130 million | June 30, 2015 | Term | 1% | 100.894 | 0.10%
|
| $20 million | June 30, 2015 | Term | 2% | 101.877 | 0.11%
|
| $50 million | June 30, 2015 | Term | 5% | 104.868 | 0.10%
|
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