Published on 8/25/2015 in the Prospect News Municipals Daily.
New Issue: Harris County, Texas, offers up $100 million of tax anticipation notes
By Sheri Kasprzak
New York, Aug. 25 – Harris County, Texas, sold $100 million of series 2015 tax anticipation notes, according to a pricing sheet.
The notes (MIG 1//F1+) were sold competitively. Raymond James/Morgan Keegan took a $20 million portion and J.P. Morgan Securities LLC won an $80 million portion. The weighted average true interest cost came in at 0.06607%.
The notes are due Feb. 29, 2016 and have a 1% coupon priced at 100.447 and 1.5% coupon priced at 100.676.
Proceeds will be used to finance capital expenditures ahead of the collection of ad valorem taxes.
| Issuer: | Harris County, Texas
|
| Issue: | Series 2015 tax anticipation notes
|
| Amount: | $100 million
|
| Type: | Competitive
|
| Underwriters: | Raymond James/Morgan Keegan (for $20 million), J.P. Morgan Securities LLC (for $80 million)
|
| Weighted average TIC: | 0.06607%
|
| Ratings: | Moody’s: MIG 1
|
| Fitch: F1+
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| Pricing date: | Aug. 25
|
| Settlement date: | Sept. 10
|
|
|
| $20 million notes
|
| Maturity | Type | Coupon | Price
|
| Feb. 29, 2016 | Term | 1% | 100.447
|
|
|
| $80 million notes
|
| Maturity | Type | Coupon | Price
|
| Feb. 29, 2016 | Term | 1.5% | 100.676
|
|
|
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