By Sheri Kasprzak
New York, May 18 - The Houston Higher Education Finance Corp. priced $63.825 million of series 2011 education revenue bonds for the Cosmos Foundation, Inc., said a term sheet.
The bonds (BBB) were sold through Morgan Keegan & Co. Inc. and Jefferies & Co.
The deal included $58.74 million of series 2011A bonds and $5.085 million of series 2011Q taxable bonds.
The 2011A bonds are due 2021, 2031 and 2041 with 5.875%, 6.5% and 6.875% coupons, respectively. The 2011Q bonds are due May 15, 2026 and have an 8.75% coupon priced at par.
Proceeds will be used to finance or refinance the construction, equipment and acquisition of three new charter schools in Houston.
| Issuer: | Houston Higher Education Finance Corp./Cosmos Foundation, Inc.
|
| Issue: | Series 2011 education revenue bonds
|
| Amount: | $63.825 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. and Jefferies & Co. (lead)
|
| Rating: | Standard & Poor's: BBB
|
| Pricing date: | May 18
|
|
|
| $58.74 million series 2011A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.89 million | 2021 | Term | 5.875% | 100
|
| $16.455 million | 2031 | Term | 6.5% | 98.896
|
| $35.395 million | 2041 | Term | 6.875% | 100
|
|
|
| $5.085 million series 2011B
|
| Maturity | Type | Coupon | Price
|
| May 15, 2026 | Term | 8.75% | 100
|
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