Published on 10/11/2013 in the Prospect News Municipals Daily.
New Issue: Houston Higher Education brings $96 million St. John's School bonds
By Sheri Kasprzak
New York, Oct. 11 - The Houston Higher Education Finance Corp. of Texas sold $95,995,000 of series 2013A education revenue bonds for the St. John's School, said a pricing sheet.
The bonds (A3) were sold through RBC Capital Markets LLC.
The bonds are due 2021 to 2033 with term bonds due in 2038 and 2042. The serial coupons range from 3% to 5.25%, and yields range from 2.93% to 4.92%. The 2038 bonds have a 5% coupon priced at 97.221 to yield 5.2% and a 5.5% coupon priced at 103.529 to yield 5%. The 2042 bonds have a 5% coupon priced at 95.584 to yield 5.3%.
Proceeds will be used to finance or refinance the costs of acquiring property and constructing and renovating school facilities.
| Issuer: | Houston Higher Education Finance Corp./St. John's School
|
| Issue: | Series 2013A education revenue bonds
|
| Amount: | $95,995,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Frost Bank and BofA Merrill Lynch (co-managers)
|
| Rating: | Moody's: A3
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 29
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $500,000 | 2021 | Serial | 3% | 100.484 | 2.93%
|
| $750,000 | 2022 | Serial | 3% | 98.695 | 3.17%
|
| $1 million | 2023 | Serial | 3.25% | 98.834 | 3.39%
|
| $200,000 | 2024 | Serial | 3.5% | 99.105 | 3.6%
|
| $1.05 million | 2024 | Serial | 5% | 110.513 | 3.6%
|
| $1.6 million | 2025 | Serial | 5% | 108.541 | 3.85%
|
| $1.95 million | 2026 | Serial | 5% | 107.147 | 4.03%
|
| $2.3 million | 2027 | Serial | 4% | 97.912 | 4.2%
|
| $2.65 million | 2028 | Serial | 4.25% | 98.159 | 4.42%
|
| $3.05 million | 2029 | Serial | 4.375% | 97.483 | 4.6%
|
| $3.45 million | 2030 | Serial | 4.5% | 97.458 | 4.72%
|
| $3.85 million | 2031 | Serial | 5.25% | 103.349 | 4.78%
|
| $175,000 | 2032 | Serial | 4.75% | 98.646 | 4.86%
|
| $4,075,000 | 2032 | Serial | 5.25% | 102.768 | 4.86%
|
| $4.65 million | 2033 | Serial | 5.25% | 102.335 | 4.92%
|
| $26.32 million | 2038 | Term | 5% | 97.221 | 5.2%
|
| $6 million | 2038 | Term | 5.5% | 103.529 | 5%
|
| $32,425,000 | 2042 | Term | 5% | 95.584 | 5.3%
|
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