Published on 11/28/2012 in the Prospect News Municipals Daily.
New Issue: Harris County, Texas, sells $239.59 million of refunding bonds
By Sheri Kasprzak
New York, Nov. 28 - Harris County, Texas, priced $239,585,000 of series 2012 refunding bonds, according to a pricing sheet.
The deal included $66,425,000 of series 2012A unlimited tax road refunding bonds, $52,815,000 of series 2012B taxable unlimited tax road refunding bonds, $77,145,000 of series 2012A permanent improvement refunding bonds and $43.2 million of series 2012B taxable permanent improvement refunding bonds.
The 2012A road refunding bonds are due 2022 to 2024 with 5% coupons and yields from 1.69% to 1.89%.
The 2012B road refunding bonds are due 2015 to 2023 with 2.25% to 4% coupons and yields from 0.606% to 2.623%.
The 2012A improvement bonds are due 2013 to 2028 with 2% to 5% coupons and yields from 0.23% 2.17%.
The 2012B improvement bonds are due 2013 to 2023 with 0.35% to 2.473% coupons, all priced at par.
The bonds (/AAA/AAA) were sold through Jefferies & Co. Inc. and Piper Jaffray & Co.
Proceeds will be used to refund existing debt.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2012 refunding bonds
|
| Amount: | $239,585,000
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. Inc. and Piper Jaffray & Co. (lead); Estrada Hinojosa & Co. Inc., Loop Capital Markets LLC, Siebert Brandford Shank & Co. LLC, Morgan Stanley & Co. LLC, Ramirez & Co. Inc., Rice Financial Products Co. and Stifel, Nicolaus & Co. Inc. (co-managers)
|
| Rating: | Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 12
|
|
|
| $66,425,000 series 2012A unlimited tax road refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $11,725,000 | 2022 | Serial | 5% | 1.69%
|
| $14.74 million | 2023 | Serial | 5% | 1.83%
|
| $39.96 million | 2024 | Serial | 5% | 1.89%
|
|
|
| $52,815,000 series 2012B taxable unlimited tax road refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $7,115,000 | 2015 | Serial | 2.25% | 0.606%
|
| $6,085,000 | 2016 | Serial | 3% | 0.823%
|
| $10,155,000 | 2017 | Serial | 3.75% | 1.023%
|
| $4,335,000 | 2018 | Serial | 4% | 1.372%
|
| $4,505,000 | 2019 | Serial | 4% | 1.672%
|
| $4,685,000 | 2020 | Serial | 4% | 1.893%
|
| $8.6 million | 2021 | Serial | 4% | 2.323%
|
| $3,585,000 | 2022 | Serial | 4% | 2.473%
|
| $3.75 million | 2023 | Serial | 4% | 2.623%
|
|
|
| $77,145,000 series 2012A permanent improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Yield
|
| $4,085,000 | 2013 | Serial | 2% | 0.23%
|
| $3,105,000 | 2014 | Serial | 3% | 0.40%
|
| $3,195,000 | 2015 | Serial | 4% | 0.47%
|
| $3,325,000 | 2016 | Serial | 5% | 0.60%
|
| $1.31 million | 2017 | Serial | 5% | 0.75%
|
| $1,375,000 | 2018 | Serial | 5% | 0.87%
|
| $1,445,000 | 2019 | Serial | 4% | 1.06%
|
| $1.5 million | 2020 | Serial | 4% | 1.29%
|
| $1.56 million | 2021 | Serial | 5% | 1.52%
|
| $1.64 million | 2022 | Serial | 5% | 1.69%
|
| $3.95 million | 2023 | Serial | 5% | 1.83%
|
| $42.91 million | 2024 | Serial | 5% | 1.89%
|
| $1.8 million | 2025 | Serial | 5% | 1.98%
|
| $1,885,000 | 2026 | Serial | 5% | 2.05%
|
| $1.98 million | 2027 | Serial | 5% | 2.11%
|
| $2.08 million | 2028 | Serial | 5% | 2.17%
|
|
|
| $43.2 million series 2012B taxable permanent improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $805,000 | 2013 | Serial | 0.35% | 100
|
| $655,000 | 2014 | Serial | 0.45% | 100
|
| $660,000 | 2015 | Serial | 0.606% | 100
|
| $665,000 | 2016 | Serial | 0.823% | 100
|
| $5,515,000 | 2017 | Serial | 1.023% | 100
|
| $5.57 million | 2018 | Serial | 1.372% | 100
|
| $5.65 million | 2019 | Serial | 1.672% | 100
|
| $5.74 million | 2020 | Serial | 1.893% | 100
|
| $5.85 million | 2021 | Serial | 2.123% | 100
|
| $5,975,000 | 2022 | Serial | 2.323% | 100
|
| $6,115,000 | 2023 | Serial | 2.473% | 100
|
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