Harris County-Houston Sports, Texas, preps $568.91 million bond deal

By Sheri Kasprzak

New York, Nov. 24 – The Harris County-Houston Sports Authority of Texas is expected to price $568,910,292.80 of series 2014 revenue refunding bonds, according to a preliminary official statement.

The deal includes $458,435,292.80 of series 2014A senior-lien bonds (A2/A-/), $33.19 million of series 2014B taxable senior-lien bonds (A2/A-/) and $77,285,000 of series 2014C second-lien bonds (A3/BBB/).

The bonds will be sold through lead manager Morgan Stanley & Co. LLC with Citigroup Global Markets Inc. and Goldman, Sachs & Co. as the co-senior managers. The co-managers are BOSC Inc., Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC, Raymond James/Morgan Keegan, Rice Financial Products Co., Siebert Brandford Shank & Co. LLC, BofA Merrill Lynch and Wells Fargo Securities LLC.

The 2014A bonds are due 2016 to 2034 with term bonds due in 2039 and 2053 and capital appreciation bonds due from 2041 to 2053. The 2014B bonds are due 2015 to 2016 and the 2014C bonds are due 2015 to 2034.

Proceeds will be used to refund and restructure a significant portion of the authority’s outstanding senior- and junior-lien bonds.

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