Published on 6/10/2011 in the Prospect News Municipals Daily.
New Issue: Houston brings $426.41 million of utility system revenue bonds
By Sheri Kasprzak
New York, June 10 - The City of Houston priced $426.41 million of series 2011D first-lien combined utility system revenue bonds, said a pricing sheet.
The bonds (Aa2/AA/) were sold through Bank of America Merrill lynch with Estrada Hinojosa & Co. Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co., Mesirow Financial Inc., Piper Jaffray & Co., Rice Financial Products Co. and Wells Fargo Securities LLC as the co-managers.
The bonds are due 2016 to 2031 with term bonds due in 2033, 2035, 2036 and 2040. The serial coupons range from 3% to 5%. The 2033 bonds have a 5% coupon priced at 103.27. The 2035 bonds have a 4.5% coupon priced at 97.393, and the 2036 bonds have a 5% coupon priced at 102.027. The 2040 bonds have a 5% coupon priced at 101.616.
Proceeds will be used to extend, construct, improve and repair the city's utility systems and to refund its series B commercial paper notes.
| Issuer: | City of Houston
|
| Issue: | Series 2011D first-lien combined utility system revenue bonds
|
| Amount: | $426.41 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), Estrada Hinojosa & Co. Inc., J.P. Morgan Securities LLC, Goldman Sachs & Co., Mesirow Financial Inc., Piper Jaffray & Co., Rice Financial Products Co. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | June 10
|
| Settlement date: | June 23
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.27 million | 2016 | Serial | 3% | 107.046
|
| $7.58 million | 2016 | Serial | 5% | 117.333
|
| $1.95 million | 2017 | Serial | 3% | 105.788
|
| $7.345 million | 2017 | Serial | 5% | 117.724
|
| $370,000 | 2018 | Serial | 4% | 110.708
|
| $9.36 million | 2018 | Serial | 5% | 117.443
|
| $150,000 | 2019 | Serial | 4% | 109.389
|
| $10.075 million | 2019 | Serial | 5% | 116.842
|
| $50,000 | 2020 | Serial | 4% | 108.216
|
| $10.7 million | 2020 | Serial | 5% | 116.353
|
| $1.645 million | 2021 | Serial | 4% | 107.666
|
| $9.645 million | 2021 | Serial | 5% | 116.48
|
| $100,000 | 2022 | Serial | 4% | 105.573
|
| $11.76 million | 2022 | Serial | 5% | 114.284
|
| $12.47 million | 2023 | Serial | 4% | 112.416
|
| $13.105 million | 2024 | Serial | 5% | 111.038
|
| $13.78 million | 2025 | Serial | 5% | 109.771
|
| $14.485 million | 2026 | Serial | 5% | 108.698
|
| $15.23 million | 2027 | Serial | 5% | 107.638
|
| $2.03 million | 2028 | Serial | 4% | 97.787
|
| $13.97 million | 2028 | Serial | 5% | 106.851
|
| $16.81 million | 2029 | Serial | 5% | 106.072
|
| $17.67 million | 2030 | Serial | 5% | 105.47
|
| $16.125 million | 2031 | Serial | 5% | 104.787
|
| $40 million | 2033 | Term | 5% | 103.27
|
| $5.005 million | 2035 | Term | 4.5% | 97.393
|
| $65.56 million | 2036 | Term | 5% | 102.027
|
| $108.17 million | 2040 | Term | 5% | 101.616
|
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