Published on 4/4/2016 in the Prospect News Municipals Daily.
New Issue: Houston Independent School District brings $757.2 million school bonds
By Sheri Kasprzak
New York, April 4 – The Houston Independent School District sold $757,195,000 of series 2016A limited tax schoolhouse and refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through senior managers J.P. Morgan Securities LLC and RBC Capital Markets LLC.
The bonds are due 2017 to 2041 with 4% to 5% coupons and yields from 0.6% to 3.17%.
Proceeds will be used to construct, equip, improve and renovate the district’s school buildings, as well as to refund the district’s series 2008 general obligation bonds.
| Issuer: | Houston Independent School District
|
| Issue: | Series 2016A limited tax schoolhouse and refunding bonds
|
| Amount: | $757,195,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and RBC Capital Markets LLC (lead), BofA Merrill Lynch, Jefferies & Co., Raymond James/Morgan Keegan and Ramirez & Co. Inc. (co-managers)
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Pricing date: | March 29
|
| Settlement date: | April 12
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $18,055,000 | 2017 | Serial | 5% | 103.687 | 0.60%
|
| $26,905,000 | 2018 | Serial | 5% | 107.681 | 0.79%
|
| $28,265,000 | 2019 | Serial | 5% | 111.267 | 0.97%
|
| $29,675,000 | 2020 | Serial | 5% | 114.385 | 1.16%
|
| $31.16 million | 2021 | Serial | 5% | 117.254 | 1.31%
|
| $32.68 million | 2022 | Serial | 5% | 119.813 | 1.45%
|
| $34,345,000 | 2023 | Serial | 5% | 121.948 | 1.60%
|
| $36,045,000 | 2024 | Serial | 5% | 123.715 | 1.75%
|
| $29,145,000 | 2025 | Serial | 5% | 125.303 | 1.88%
|
| $30,595,000 | 2026 | Serial | 5% | 126.677 | 2.00%
|
| $32,125,000 | 2027 | Serial | 5% | 125.256 | 2.14%
|
| $33,735,000 | 2028 | Serial | 5% | 124.253 | 2.24%
|
| $35.42 million | 2029 | Serial | 5% | 123.358 | 2.33%
|
| $37,185,000 | 2030 | Serial | 5% | 122.667 | 2.40%
|
| $39,065,000 | 2031 | Serial | 5% | 121.981 | 2.47%
|
| $21,005,000 | 2032 | Serial | 4% | 109.715 | 2.86%
|
| $20 million | 2032 | Serial | 5% | 121.688 | 2.50%
|
| $22,875,000 | 2033 | Serial | 4% | 108.998 | 2.94%
|
| $23.76 million | 2034 | Serial | 4% | 108.641 | 2.98%
|
| $24.71 million | 2035 | Serial | 4% | 108.198 | 3.03%
|
| $52.42 million | 2037 | Serial | 4% | 108.109 | 3.04%
|
| $27,795,000 | 2038 | Serial | 4% | 107.756 | 3.08%
|
| $28,905,000 | 2039 | Serial | 4% | 107.404 | 3.12%
|
| $30.06 million | 2040 | Serial | 4% | 107.141 | 3.15%
|
| $31,265,000 | 2041 | Serial | 4% | 106.966 | 3.17%
|
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