Published on 6/12/2014 in the Prospect News Municipals Daily.
New Issue: Houston prices $536.93 million of combined utility system revenue bonds
By Sheri Kasprzak
New York, June 12 – The City of Houston sold $536,925,000 of series 2014D first-lien combined utility system revenue and refunding bonds, according to a pricing sheet.
The bonds were sold through Goldman, Sachs & Co.
The bonds are due 2015 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 3% to 5%. The 2039 bonds have a 5% coupon priced at 111.545 and the 2044 bonds have a 5% coupon priced at 110.998.
Proceeds will be used to extend, improve and repair the city’s utility system, as well as to refund all of the city’s series B commercial paper notes and a portion of its water and sewer system revenue bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2014D first-lien combined utility system revenue and refunding bonds
|
| Amount: | $536,925,000
|
| Type: | Negotiated
|
| Underwriters: | Goldman, Sachs & Co. (lead), Citigroup Global Markets Inc., Piper Jaffray & Co., BofA Merrill Lynch, FTN Financial Capital Markets and Ramirez & Co. Inc. (co-managers)
|
| Pricing date: | June 12
|
| Settlement date: | July 9
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $12,555,000 | 2015 | Serial | 5% | 106.425
|
| $2.5 million | 2016 | Serial | 3% | 106.026
|
| $10,655,000 | 2016 | Serial | 5% | 110.698
|
| $2.5 million | 2017 | Serial | 3% | 107.257
|
| $15,545,000 | 2017 | Serial | 5% | 113.854
|
| $2.5 million | 2018 | Serial | 4% | 111.831
|
| $16.45 million | 2018 | Serial | 5% | 116.057
|
| $2.5 million | 2019 | Serial | 4% | 112.64
|
| $22.82 million | 2019 | Serial | 5% | 117.757
|
| $2.5 million | 2020 | Serial | 4% | 112.631
|
| $24,095,000 | 2020 | Serial | 5% | 118.59
|
| $2.5 million | 2021 | Serial | 4% | 112.585
|
| $20.57 million | 2021 | Serial | 5% | 119.352
|
| $2.5 million | 2022 | Serial | 4% | 112.199
|
| $21,705,000 | 2022 | Serial | 5% | 119.731
|
| $2.5 million | 2023 | Serial | 3% | 103.551
|
| $23.36 million | 2023 | Serial | 5% | 120.079
|
| $19.63 million | 2024 | Serial | 5% | 120.543
|
| $18.48 million | 2025 | Serial | 5% | 119.248
|
| $19.43 million | 2026 | Serial | 5% | 118.264
|
| $20,425,000 | 2027 | Serial | 5% | 117.386
|
| $21,475,000 | 2028 | Serial | 5% | 116.901
|
| $22.46 million | 2029 | Serial | 4% | 105.016
|
| $23,375,000 | 2030 | Serial | 4% | 104.306
|
| $18.98 million | 2031 | Serial | 4% | 103.689
|
| $19,995,000 | 2032 | Serial | 4% | 103.077
|
| $21,065,000 | 2033 | Serial | 4% | 102.469
|
| $22.29 million | 2034 | Serial | 5% | 113.018
|
| $61,815,000 | 2039 | Term | 5% | 111.545
|
| $59.75 million | 2044 | Term | 5% | 110.998
|
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