New Issue: Houston sells $230 million of tax and revenue anticipation notes

By Sheri Kasprzak

New York, June 22 – The City of Houston sold $230 million of series 2016 tax and revenue anticipation notes on Wednesday, according to a pricing sheet.

The notes (/SP-1+/F1+) were sold competitively. The winning bidders for the notes were FTN Financial Inc., Mesirow Financial Inc., J.P. Morgan Securities LLC, Hutchinson Shockey Erley & Co., BofA Merrill Lynch, Citigroup Global Markets Inc., Raymond James/Morgan Keegan, Wells Fargo Securities LLC and Barclays. The weighted average true interest cost was 0.65857%.

The notes are due June 30, 2017 and have coupons from 1% to 5% and yields from 0.63% to 0.65%. The full details for the 5% notes were not immediately available.

Proceeds will be used to finance operating expenses for the coming fiscal year.

Issuer:	City of Houston
Issue:	Series 2016 tax and revenue anticipation notes
Amount:	$230 million
Type:	Competitive
Underwriters:	FTN Financial Inc., Mesirow Financial Inc., J.P. Morgan Securities LLC, Hutchinson Shockey Erley & Co., BofA Merrill Lynch, Citigroup Global Markets Inc., Raymond James/Morgan Keegan, Wells Fargo Securities LLC and Barclays (winners)
Weighted true interest cost:	0.65857%
Pricing date:	June 22
Settlement date:	July 7
Amount	Maturity	Type	Coupon	Price	Yield
$10 million	June 30, 2017	Term	1%	100.36	0.63%
$90 million	June 30, 2017	Term	3%	102.3	0.64%
$80 million	June 30, 2017	Term	2%	101.315	0.65%
$50 million	June 30, 2017	Term	5%

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