Published on 11/19/2014 in the Prospect News Municipals Daily.
New Issue: Houston ISD, Texas, settles $365.4 million offering of refunding bonds
By Sheri Kasprzak
New York, Nov. 19 – The Houston Independent School District of Texas sold $365,395,000 of series 2014B limited tax refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through senior managers RBC Capital Markets LLC and J.P. Morgan Securities LLC.
The bonds are due 2015 to 2020, 2022 to 2033, 2025 to 2030 and 2032 to 2033 with 1% to 5% coupons and yields from 0.09% to 3.26% yields.
Proceeds will be used to refund the district’s series 2003A limited tax schoolhouse bonds, 2005A limited tax refunding bonds and 2005A limited tax school building bonds.
| Issuer: | Houston Independent School District
|
| Issue: | Series 2014B limited tax refunding bonds
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| Amount: | $365,395,000
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| Type: | Negotiated
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| Underwriters: | RBC Capital Markets LLC and J.P. Morgan Securities LLC (lead), Jefferies & Co., Ramirez & Co. Inc., Raymond James & Co. and Siebert Brandford Shank & Co. LLC (co-managers)
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| Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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| Pricing date: | Nov. 19
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| Settlement date: | Dec. 1
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,055,000 | 2015 | Serial | 1% | 100.149 | 0.09%
|
| $3,915,000 | 2016 | Serial | 5% | 105.456 | 0.30%
|
| $40,055,000 | 2017 | Serial | 5% | 109.535 | 0.56%
|
| $10 million | 2018 | Serial | 4% | 109.844 | 0.84%
|
| $48,095,000 | 2018 | Serial | 5% | 112.96 | 0.84%
|
| $60.91 million | 2019 | Serial | 5% | 115.607 | 1.15%
|
| $22,275,000 | 2020 | Serial | 5% | 117.762 | 1.42%
|
| $4,805,000 | 2022 | Serial | 5% | 119.853 | 2.01%
|
| $7,305,000 | 2023 | Serial | 5% | 121.149 | 2.16%
|
| $3,055,000 | 2025 | Serial | 4% | 111.953 | 2.53%
|
| $4.39 million | 2026 | Serial | 4% | 110.146 | 2.74%
|
| $20,465,000 | 2027 | Serial | 4% | 108.709 | 2.91%
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| $21,275,000 | 2028 | Serial | 4% | 107.873 | 3.01%
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| $22,145,000 | 2029 | Serial | 4% | 107.459 | 3.06%
|
| $22,975,000 | 2030 | Serial | 4% | 107.045 | 3.11%
|
| $48.74 million | 2032 | Serial | 4% | 106.225 | 3.21%
|
| $17,935,000 | 2033 | Serial | 4% | 105.817 | 3.26%
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