Published on 3/23/2016 in the Prospect News Municipals Daily.
New Issue: Houston brings to market $559.64 million public improvement bonds
By Sheri Kasprzak
New York, March 23 – The City of Houston sold $559.64 million of series 2016A public improvement refunding bonds, according to a pricing sheet. The deal was downsized from $600 million.
The bonds were sold through senior manager Loop Capital Markets LLC.
The bonds are due 2019 to 2036 with a term bond due in 2038. The serial coupons range from 4% to 5%. The 2038 bonds have a 3.5% coupon priced at 99.241.
Proceeds will be used to refund outstanding public improvement bonds and certain commercial paper notes.
| Issuer: | City of Houston
|
| Issue: | Series 2016A public improvement refunding bonds
|
| Amount: | $559.64 million
|
| Type: | Negotiated
|
| Underwriters: | Loop Capital Markets LLC (lead), Wells Fargo Securities LLC, FTN Financial Capital Markets, Jefferies & Co., RBC Capital Markets LLC and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Pricing date: | March 22
|
| Settlement date: | April 13
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $38,095,000 | 2019 | Serial | 5% | 110.917
|
| $35.53 million | 2020 | Serial | 5% | 113.64
|
| $57.23 million | 2021 | Serial | 5% | 116.062
|
| $51,255,000 | 2022 | Serial | 5% | 118.154
|
| $52,065,000 | 2023 | Serial | 5% | 119.769
|
| $31.92 million | 2024 | Serial | 5% | 120.885
|
| $41.57 million | 2025 | Serial | 5% | 121.938
|
| $47,455,000 | 2026 | Serial | 5% | 123.05
|
| $72.19 million | 2027 | Serial | 5% | 121.867
|
| $43,745,000 | 2028 | Serial | 5% | 121.087
|
| $13,105,000 | 2029 | Serial | 5% | 120.12
|
| $13.76 million | 2030 | Serial | 5% | 119.353
|
| $14,455,000 | 2031 | Serial | 5% | 118.591
|
| $7.04 million | 2032 | Serial | 5% | 117.836
|
| $7,395,000 | 2033 | Serial | 5% | 117.273
|
| $7.77 million | 2034 | Serial | 5% | 117.086
|
| $8,155,000 | 2035 | Serial | 5% | 116.713
|
| $8,565,000 | 2036 | Serial | 4% | 105.341
|
| $8.34 million | 2038 | Term | 3.5% | 99.241
|
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