Published on 1/23/2013 in the Prospect News Municipals Daily.
New Issue: Houston Independent School District sells $301.47 million of bonds
By Sheri Kasprzak
New York, Jan. 23 - The Houston Independent School District of Texas sold $301.47 million of series 2013 schoolhouse and refunding bonds, according to a pricing sheet.
The deal included $204.23 million of series 2013A limited tax schoolhouse and refunding bonds (Aaa/AAA/) and $97.24 million of series 2013C limited tax refunding bonds (Aaa/AA+/).
The 2013A bonds are due 2014 to 2033 with a term bond due in 2038. The serial coupons range from 2.5% to 5%. The 2038 bonds have a 4% coupon priced at 108.406.
The 2013C bonds are due 2014 to 2032 with coupons from 2.5% to 5%.
The bonds were sold through J.P. Morgan Securities LLC.
Proceeds will be used to construct, acquire, equip and furnish school buildings, as well as to refund existing debt.
| Issuer: | Houston Independent School District
|
| Issue: | Series 2013 schoolhouse and refunding bonds
|
| Amount: | $301.47 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Bank of America Merrill Lynch, Jefferies & Co., Ramirez & Co. Inc., Raymond James/Morgan Keegan, RBC Capital Markets LLC and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA (for 2013A)/AA+ (for 2013C)
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 14
|
|
|
| $204.23 million series 2013A limited tax schoolhouse and refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $18.87 million | 2014 | Serial | 2.5% | 102.343
|
| $8,565,000 | 2015 | Serial | 3% | 105.222
|
| $5,325,000 | 2016 | Serial | 4% | 110.418
|
| $15,595,000 | 2017 | Serial | 4% | 113.13
|
| $6.79 million | 2018 | Serial | 5% | 120.447
|
| $10,935,000 | 2019 | Serial | 5% | 123.117
|
| $9.24 million | 2020 | Serial | 5% | 125.221
|
| $9,565,000 | 2021 | Serial | 5% | 126.732
|
| $7.74 million | 2022 | Serial | 5% | 128.015
|
| $4,945,000 | 2023 | Serial | 5% | 128.961
|
| $9.32 million | 2024 | Serial | 5% | 127.909
|
| $5.09 million | 2025 | Serial | 5% | 127.075
|
| $5,355,000 | 2026 | Serial | 5% | 126.247
|
| $5,625,000 | 2027 | Serial | 5% | 125.528
|
| $5.85 million | 2028 | Serial | 5% | 125.017
|
| $6,075,000 | 2029 | Serial | 5% | 124.407
|
| $6,365,000 | 2030 | Serial | 4% | 112.355
|
| $6.71 million | 2031 | Serial | 4% | 111.887
|
| $6.95 million | 2032 | Serial | 4% | 111.421
|
| $7,245,000 | 2033 | Serial | 4% | 110.866
|
| $42,075,000 | 2038 | Term | 4% | 108.406
|
|
|
| $97.24 million series 2013C limited tax refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.83 million | 2014 | Serial | 2.5% | 102.333
|
| $3,475,000 | 2015 | Serial | 3% | 105.016
|
| $7,325,000 | 2017 | Serial | 5% | 116.641
|
| $2.32 million | 2018 | Serial | 5% | 119.795
|
| $7.58 million | 2019 | Serial | 5% | 122.464
|
| $11.3 million | 2027 | Serial | 4% | 113.202
|
| $11,795,000 | 2028 | Serial | 4% | 112.542
|
| $12.28 million | 2029 | Serial | 5% | 123.199
|
| $12,755,000 | 2030 | Serial | 4% | 111.421
|
| $13.27 million | 2031 | Serial | 4% | 110.958
|
| $13.31 million | 2032 | Serial | 4% | 110.497
|
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