Published on 4/15/2015 in the Prospect News Municipals Daily.
New Issue: Houston Higher Education prices $76.67 million of KIPP refunding bonds
By Sheri Kasprzak
New York, April 15 – The Houston Higher Education Finance Corp. of Texas sold $76.67 million of series 2015 education revenue refunding bonds for KIPP Inc., according to a pricing sheet.
The bonds were sold competitively.
The bonds are due 2015 to 2035 with term bonds due in 2040 and 2045. The serial coupons range from 4% to 5% with yields from 0.4% to 3.69%. The 2040 bonds have a 4% coupon priced at 100.832 to yield 3.9%, and the 2045 bonds have a 4% coupon priced at par.
Proceeds will be used to refund the corporation’s series 2006A and 2009A education revenue bonds.
| Issuer: | Houston Higher Education Finance Corp./KIPP Inc.
|
| Issue: | Series 2015 education revenue refunding bonds
|
| Amount: | $76.67 million
|
| Type: | Competitive
|
| Pricing date: | April 14
|
| Settlement date: | May 1
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.66 million | 2015 | Serial | 5% | 101.096 | 0.40%
|
| $880,000 | 2016 | Serial | 5% | 105.357 | 0.65%
|
| $925,000 | 2017 | Serial | 5% | 108.832 | 1.00%
|
| $970,000 | 2018 | Serial | 5% | 111.695 | 1.30%
|
| $1.02 million | 2019 | Serial | 5% | 113.834 | 1.61%
|
| $1,075,000 | 2020 | Serial | 5% | 115.764 | 1.83%
|
| $1.13 million | 2021 | Serial | 5% | 117.19 | 2.05%
|
| $1,185,000 | 2022 | Serial | 5% | 118.052 | 2.28%
|
| $1,245,000 | 2023 | Serial | 5% | 118.752 | 2.47%
|
| $1.31 million | 2024 | Serial | 5% | 119.685 | 2.59%
|
| $1.38 million | 2025 | Serial | 5% | 120.45 | 2.70%
|
| $1,445,000 | 2026 | Serial | 5% | 119.758 | 2.77%
|
| $1,525,000 | 2027 | Serial | 5% | 118.847 | 2.86%
|
| $1.6 million | 2028 | Serial | 5% | 117.611 | 2.99%
|
| $1.68 million | 2029 | Serial | 5% | 117.033 | 3.05%
|
| $1.76 million | 2030 | Serial | 4% | 104.53 | 3.47%
|
| $1,835,000 | 2031 | Serial | 4% | 104.004 | 3.53%
|
| $1,905,000 | 2032 | Serial | 4% | 103.569 | 3.58%
|
| $1,985,000 | 2033 | Serial | 4% | 103.222 | 3.62%
|
| $2,065,000 | 2034 | Serial | 4% | 102.877 | 3.66%
|
| $2,255,000 | 2035 | Serial | 4% | 102.618 | 3.69%
|
| $22.3 million | 2040 | Term | 4% | 100.832 | 3.90%
|
| $23,535,000 | 2044 | Term | 4% | 100 | 4.00%
|
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