Published on 7/1/2014 in the Prospect News Municipals Daily.
New Issue: Houston Higher Education prices $101.65 million Harmony Schools bonds
By Sheri Kasprzak
New York, July 1 – The Houston Higher Education Finance Corp. of Texas sold $101.65 million of series 2014A education revenue and refunding bonds for the Harmony Public Schools, according to a pricing sheet.
The bonds (/BBB/) were sold through senior managers Raymond James/Morgan Keegan and Jefferies & Co.
The bonds are due 2015 to 2034 with term bonds due in 2038 and 2044. The serial coupons range from 1.5% to 5%. The 2038 bonds have a 4% coupon priced at 99.392 and the 2044 bonds have a 4% coupon priced at 98.799.
Proceeds will be used to finance the expansion of existing campuses and the construction of new campuses, as well as to construct a new gymnasium.
| Issuer: | Houston Higher Education Finance Corp./Harmony Public Schools
|
| Issue: | Series 2014A education revenue and refunding bonds
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| Amount: | $101.65 million
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| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan and Jefferies & Co. (lead)
|
| Rating: | Standard & Poor’s: BBB
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| Pricing date: | July 1
|
| Settlement date: | July 15
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| Amount | Maturity | Type | Coupon | Price
|
| $1 million | 2015 | Serial | 1.5% | 100.728
|
| $2,175,000 | 2016 | Serial | 3% | 104.18
|
| $2.25 million | 2017 | Serial | 4% | 108.621
|
| $2,355,000 | 2018 | Serial | 5% | 113.968
|
| $2,475,000 | 2019 | Serial | 5% | 116.216
|
| $2,605,000 | 2020 | Serial | 5% | 117.68
|
| $2.74 million | 2021 | Serial | 5% | 118.756
|
| $2.89 million | 2022 | Serial | 5% | 119.456
|
| $3.03 million | 2023 | Serial | 5% | 119.8
|
| $3.19 million | 2024 | Serial | 5% | 120.24
|
| $3,355,000 | 2025 | Serial | 5% | 118.932
|
| $3.53 million | 2026 | Serial | 5% | 118.008
|
| $3,455,000 | 2027 | Serial | 5% | 117.093
|
| $3,895,000 | 2028 | Serial | 5% | 116.096
|
| $4.1 million | 2029 | Serial | 5% | 115.377
|
| $4,315,000 | 2030 | Serial | 5% | 114.752
|
| $4.54 million | 2031 | Serial | 5% | 114.131
|
| $4,775,000 | 2032 | Serial | 5% | 113.603
|
| $5,025,000 | 2033 | Serial | 5% | 113.077
|
| $5.29 million | 2034 | Serial | 5% | 112.641
|
| $19.04 million | 2038 | Term | 4% | 99.392
|
| $15.62 million | 2044 | Term | 4% | 98.799
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