Published on 12/10/2014 in the Prospect News Municipals Daily.
New Issue: Harris County-Houston Sports, Texas, sells $554.22 million of bonds
By Sheri Kasprzak
New York, Dec. 10 – The Harris County-Houston Sports Authority of Texas sold $554,215,000 of series 2014 revenue refunding bonds, according to a pricing sheet.
The deal included $430,905,000 of series 2014A senior-lien capital appreciation bonds (A2/A-/), $47,435,000 of series 2014B taxable senior-lien bonds (A2/A-/) and $75,875,000 of series 2014C second-lien bonds (A3/BBB/).
The bonds were sold through Morgan Stanley & Co. LLC.
The 2014A bonds are due 2041 to 2053 with 0% coupons and yields from 4.73% to 4.97%.
The 2014B bonds are due 2015 to 2018 with 0.3% to 2.386% coupons, all priced at par.
The 2014C bonds are due 2015 to 2034 with coupons from 2% to 5% and yields from 0.58% to 3.77%.
Proceeds will be used to refund and restructure a significant portion of the authority’s senior- and junior-lien bonds.
| Issuer: | Harris County-Houston Sports Authority
|
| Issue: | Series 2014 revenue refunding bonds
|
| Amount: | $554,215,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Citigroup Global Markets Inc. and Goldman Sachs & Co. (co-senior managers), 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 (co-managers)
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 23
|
|
|
| $430,905,000 series 2014A senior-lien capital appreciation bonds (A2/A-/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $11.54 million | 2041 | Serial | 0% | 28.442 | 4.73%
|
| $36.98 million | 2042 | Serial | 0% | 27.069 | 4.74%
|
| $36.98 million | 2043 | Serial | 0% | 25.757 | 4.75%
|
| $36.98 million | 2044 | Serial | 0% | 24.504 | 4.76%
|
| $36.98 million | 2045 | Serial | 0% | 23.098 | 4.80%
|
| $36.98 million | 2046 | Serial | 0% | 21.891 | 4.82%
|
| $36.98 million | 2047 | Serial | 0% | 20.672 | 4.85%
|
| $36.98 million | 2048 | Serial | 0% | 19.575 | 4.87%
|
| $36.98 million | 2049 | Serial | 0% | 18.529 | 4.89%
|
| $36.98 million | 2050 | Serial | 0% | 17.532 | 4.91%
|
| $36.98 million | 2051 | Serial | 0% | 16.582 | 4.93%
|
| $24,785,000 | 2052 | Serial | 0% | 15.677 | 4.95%
|
| $24.78 million | 2053 | Serial | 0% | 14.816 | 4.97%
|
|
|
| $47,435,000 series 2014B taxable senior-lien bonds (A2/A-/)
|
| Amount | Maturity | Type | Coupon | Price
|
| $18,655,000 | 2015 | Serial | 0.30% | 100
|
| $16.77 million | 2016 | Serial | 1.324% | 100
|
| $6,715,000 | 2017 | Serial | 1.893% | 100
|
| $5,295,000 | 2018 | Serial | 2.386% | 100
|
|
|
| $75,875,000 series 2014C second-lien bonds (A3/BBB/)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.58 million | 2015 | Serial | 2% | 101.264 | 0.58%
|
| $2.25 million | 2016 | Serial | 3% | 103.954 | 0.89%
|
| $2,315,000 | 2017 | Serial | 4% | 107.911 | 1.21%
|
| $2,415,000 | 2018 | Serial | 4% | 109.104 | 1.58%
|
| $2.8 million | 2019 | Serial | 5% | 114.421 | 1.90%
|
| $2,945,000 | 2020 | Serial | 5% | 115.397 | 2.20%
|
| $3.09 million | 2021 | Serial | 5% | 115.945 | 2.47%
|
| $3,245,000 | 2022 | Serial | 5% | 116.097 | 2.72%
|
| $3.41 million | 2023 | Serial | 5% | 116.271 | 2.91%
|
| $3.58 million | 2024 | Serial | 5% | 116.451 | 3.06%
|
| $3.76 million | 2025 | Serial | 5% | 114.885 | 3.23%
|
| $3,945,000 | 2026 | Serial | 5% | 113.704 | 3.36%
|
| $4.14 million | 2027 | Serial | 5% | 112.717 | 3.47%
|
| $4,345,000 | 2028 | Serial | 5% | 112.271 | 3.52%
|
| $4,565,000 | 2029 | Serial | 5% | 111.828 | 3.57%
|
| $4.79 million | 2030 | Serial | 5% | 111.74 | 3.58%
|
| $5,035,000 | 2031 | Serial | 5% | 111.387 | 3.62%
|
| $5,285,000 | 2032 | Serial | 5% | 110.948 | 3.67%
|
| $5.55 million | 2033 | Serial | 5% | 110.511 | 3.72%
|
| $5.83 million | 2034 | Serial | 5% | 110.076 | 3.77%
|
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