By Aaron Hochman-Zimmerman
New York, June 9 - Harris County, Texas, priced $395 million series 2009 tax anticipation notes at a blended overall true interest cost of 0.38%, according to Edwin Harrison, director of financial services.
The county accepted bids for as little as $5 million for the total offer of $395 million.
J.P. Morgan Securities Inc. took the largest piece of the competitive auction at $275 million.
Citigroup Global Markets Inc. purchased $75 million, Jefferies & Co. purchased $25 million and Piper Jaffray & Co. purchased $20 million. Ten banks offered bids. First Southwest Co. acted as financial advisor.
A $210 million piece carries a coupon of 1½%, while the remaining $85 million carries a coupon of 2%.
The bonds have one maturity on Feb. 25, 2010.
Proceeds will be used to pay for general expenses ahead of tax collections.
Issuer: Harris County
Issue: Series 2009 tax anticipation notes
| Amount: | $395 million
|
| Coupon range: | 1½% (for $210 million), 2% (for $85 million)
|
| Maturity: | Feb. 25, 2010
|
| Blended true interest cost: | 0.38%
|
| Underwriters: | J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Jefferies & Co., Piper Jaffray & Co.
|
| Type: | Competitive
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| Pricing date: | June 9
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