Published on 2/10/2016 in the Prospect News Municipals Daily.
New Issue: Houston prices $952.67 million of combined utility system bonds
By Sheri Kasprzak
New York, Feb. 10 – The City of Houston sold $952.67 million of series 2016B combined utility system first-lien revenue and refunding bonds, according to a pricing sheet. The offering was upsized from $800 million.
The bonds (Aa2//AA) were sold through senior manager Wells Fargo Securities LLC.
The bonds are due 2016 to 2040 with a term bond due in 2045. The serial coupons range from 3% to 5.25% with 0.34% to 3.3% yields. The 2045 bonds have a 4% coupon priced at 105.518 to yield 3.38%.
Proceeds will be used to construct, improve or repair the water and sewer system; refund all or a portion of outstanding series B combined utility system commercial paper notes; and refund a portion of outstanding combined utility system first-lien revenue bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2016B combined utility system first-lien revenue and refunding bonds
|
| Amount: | $952.67 million
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC (lead)
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
| Pricing date: | Feb. 9
|
| Settlement date: | March 8
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.35 million | 2016 | Serial | 3% | 101.821 | 0.34%
|
| $13,315,000 | 2017 | Serial | 5% | 107.439 | 0.56%
|
| $17,335,000 | 2018 | Serial | 5% | 111.563 | 0.65%
|
| $14,715,000 | 2019 | Serial | 5% | 115.382 | 0.76%
|
| $18,645,000 | 2020 | Serial | 5% | 118.77 | 0.90%
|
| $19.27 million | 2021 | Serial | 5% | 121.869 | 1.03%
|
| $20,235,000 | 2022 | Serial | 5% | 123.98 | 1.25%
|
| $21 million | 2023 | Serial | 5% | 125.647 | 1.46%
|
| $22,195,000 | 2024 | Serial | 5% | 126.91 | 1.66%
|
| $22,705,000 | 2025 | Serial | 5% | 128.017 | 1.83%
|
| $21.23 million | 2026 | Serial | 5% | 129.289 | 1.95%
|
| $22,475,000 | 2027 | Serial | 5% | 127.846 | 2.08%
|
| $15,975,000 | 2028 | Serial | 5% | 126.64 | 2.19%
|
| $23,785,000 | 2029 | Serial | 5% | 125.448 | 2.30%
|
| $31,115,000 | 2030 | Serial | 5% | 124.803 | 2.36%
|
| $36,155,000 | 2031 | Serial | 4% | 111.208 | 2.78%
|
| $38,495,000 | 2032 | Serial | 5% | 122.682 | 2.56%
|
| $21,215,000 | 2033 | Serial | 5% | 122.158 | 2.61%
|
| $20 million | 2033 | Serial | 5.25% | 125.006 | 2.56%
|
| $106 million | 2034 | Serial | 5% | 121.637 | 2.66%
|
| $111.34 million | 2035 | Serial | 5% | 121.119 | 2.71%
|
| $114,855,000 | 2036 | Serial | 5% | 120.603 | 2.76%
|
| $62.08 million | 2037 | Serial | 4% | 107.846 | 3.13%
|
| $21,225,000 | 2038 | Serial | 4% | 107.282 | 3.19%
|
| $43.5 million | 2038 | Serial | 4.5% | 113.427 | 3.02%
|
| $11,425,000 | 2039 | Serial | 4% | 106.721 | 3.25%
|
| $11.89 million | 2040 | Serial | 4% | 106.256 | 3.30%
|
| $67,145,000 | 2045 | Term | 4% | 105.518 | 3.38%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
