Published on 7/23/2014 in the Prospect News Municipals Daily.
New Issue: Houston brings to market $234.06 million of public improvement bonds
By Sheri Kasprzak
New York, July 23 – The City of Houston sold $234,055,000 of series 2014A public improvement refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through Mesirow Financial Inc.
The bonds are due 2019 to 2034 with 3% to 5% coupons and yields from 1.2% to 3.51%.
Proceeds will be used to refund existing public improvement bonds.
Issuer: | City of Houston
|
Issue: | Series 2014A public improvement refunding bonds
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Amount: | $234,055,000
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Type: | Negotiated
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Underwriters: | Mesirow Financial Inc. (lead), Barclays, Wells Fargo Securities LLC, Cabrera Capital Markets LLC, Morgan Stanley & Co. LLC and Robert W. Baird & Co. Inc. (co-managers)
|
Ratings: | Moody’s: Aa2
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| Standard & Poor’s: AA+
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Pricing date: | July 23
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Settlement date: | Aug. 19
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|
Amount | Maturity | Type | Coupon | Price | Yield
|
$1,925,000 | 2019 | Serial | 3% | 107.918 | 1.20%
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$13.32 million | 2019 | Serial | 5% | 116.717 | 1.20%
|
$21.62 million | 2020 | Serial | 5% | 118.284 | 1.54%
|
$22,705,000 | 2021 | Serial | 5% | 119.504 | 1.82%
|
$23.84 million | 2022 | Serial | 5% | 120.339 | 2.07%
|
$1,725,000 | 2023 | Serial | 3.5% | 109.492 | 2.27%
|
$23.31 million | 2023 | Serial | 5% | 121.069 | 2.27%
|
$12,845,000 | 2024 | Serial | 5% | 121.751 | 2.43%
|
$13,485,000 | 2025 | Serial | 5% | 120.429 | 2.57%
|
$26.87 million | 2026 | Serial | 5% | 119.868 | 2.63%
|
$10,805,000 | 2027 | Serial | 5% | 118.755 | 2.75%
|
$11,345,000 | 2028 | Serial | 5% | 118.294 | 2.80%
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$11,915,000 | 2029 | Serial | 5% | 117.654 | 2.87%
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$12,505,000 | 2030 | Serial | 5% | 116.836 | 2.96%
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$13.13 million | 2031 | Serial | 4% | 105.433 | 3.33%
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$11.54 million | 2032 | Serial | 4% | 104.849 | 3.40%
|
$12 million | 2033 | Serial | 4% | 104.352 | 3.46%
|
$12.48 million | 2034 | Serial | 4% | 103.939 | 3.51%
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