Cypress-Fairbanks ISD to price $258.965 million; pricing action crawls ahead of July 4th holiday

By Cristal Cody and Sheri Kasprzak

New York, July 3 - Pricing action declined on Thursday ahead of the July 4th holiday. One market insider even noted that lots of people in his office were heading out early for the holiday.

"It's a ghost town around here," said the sellsider. "Not a lot going on."

In upcoming sales, the Cypress-Fairbanks Independent School District in Texas announced plans to price $258.965 million schoolhouse and refunding bonds the week of July 14. Also on Thursday, the North Texas Tollway Authority System said its previously announced $1 billion second-tier revenue refunding bonds will price July 10.

The Cypress-Fairbanks bonds (//AAA) will be sold in a negotiated sale managed by Ramirez & Co.

Proceeds will be used for construction of new school buildings, renovations to existing facilities and land acquisition and about $8 million will be used to refund outstanding obligations for interest cost savings.

The series 2008F North Texas Tollway bonds (A3/BBB+/) have serial maturities from 2030 through 2038.

Lehman Brothers is the senior manager of the negotiated sale.

Proceeds will be used to refund $697.29 million from the series 2007 bond anticipation notes. The authority plans to refund the remaining $767.065 million of the notes with an additional $947.905 million refunding sale by Nov. 19.

YMCA of Houston sale

In other upcoming deals, the YMCA of Greater Houston Area in Texas will price $200 million in series 2008 revenue bonds on Wednesday, according a sellside source connected to the deal.

The sale includes $75 million in series 2008A variable-rate demand bonds, $50 million in series 2008B variable-rate demand bonds, $25 million in series 2008C variable-rate demand bonds, $25 million in series 2008D variable-rate demand bonds and $25 million in series 2008E variable-rate demand bonds.

The bonds (Aaa/VMIG1//), due June 1, 2038, will be sold through the Harris County Cultural Education Facilities Finance Corp. on a negotiated basis with JPMorgan as lead manager.

The bonds initially bear interest at the daily rate.

Proceeds will be used to finance or reimburse the corporation for the construction of capital projects, as well as to refund the YMCA's series 1999 and 2002 revenue bonds.

Southern Ohio Medical Center

Elsewhere, Scioto County, Ohio, expects to price $150.15 million refunding revenue bonds for the Southern Ohio Medical Center, according to a preliminary official statement released Thursday.

The series 2008 bonds (A2//) have serial maturities from 2010 through 2022.

Goldman, Sachs & Co. will manage the negotiated sale.

Proceeds will be used to refund the $65.675 million series 2006A and $65.7 million series 2006B periodic auction reset revenue bonds and to establish a debt service reserve fund.

Additional information was not available.

San Antonio variable-rate bonds

Also ahead, San Antonio, Texas, intends to price $135 million hotel occupancy tax subordinate lien variable-rate demand revenue and refunding bonds on Tuesday, a source said Thursday.

The series 2008 bonds (A1//) will price with an initial weekly interest rate.

The bonds are due Aug. 15, 2034.

Wachovia Bank, NA, will manage the negotiated sale.

Proceeds will be used to refund the outstanding series 2004B hotel occupancy tax revenue and refunding bonds and for renovations to the Lila Cockrell Theatre, including Americans with Disabilities Act compliance improvements.

Pasadena refunding COPs

Pasadena, Calif., expects to price $74 million refunding certificates of participation on Wednesday, a source said Thursday.

The series 2008C COPs (/AA+/AA/) have terms due 2033 and 2038.

De La Rosa & Co. is the senior manager of the negotiated sale.

Proceeds will be used to refund the city's series 2003 variable-rate demand COPs.

Also coming up on Wednesday, Lodi, Calif., plans to price $65 million electric system revenue COPs, a source said Thursday.

The series 2008A COPs (/A-/BBB+) are insured by Assured Guaranty Corp.

Stone & Youngberg LLC will manage the negotiated sale.

Proceeds will be used to refund the outstanding $46.76 million series 2002A variable-rate COPs on July 24, to pay swap termination costs on the refunded COPs and to purchase the financial guaranty insurance policy.

Longview IDS to price bonds

Longview Independent School District in Texas expects to price $129.998 million building bonds on July 10, a source familiar with the sale said Thursday.

The series 2008 bonds (/AAA/AAA) will price as current interest and premium capital appreciation bonds.

The $111.18 million current interest bonds have serial maturities from 2009 through 2036. The $18.818 million capital appreciation bonds have serial maturities from 2010 through 2018.

RBC Capital Markets is the senior manager of the negotiated sale.

Proceeds will be used to acquire school sites and to construct, renovate and equip school buildings.

Wichita's competitive sale

A little further ahead, Wichita, Kan., intends to price $118.19 million general obligation bonds and notes in a competitive sale on July 15, according to a sale notice.

The sale includes $10.05 million series 794 and $3.97 million series 794A G.O. bonds and $94.355 million series 224 and $9.815 million series 225 G.O. renewal and improvement temporary notes.

The series 794 bonds have serial maturities from 2009 through 2023. The series 794A bonds have serial maturities from 2009 through 2028, and the series 224 and series 225 notes are due Feb. 19, 2009.

Kutak Rock LLP is the city's bond counsel.

Proceeds will be used for capital improvements in the city and to renew the outstanding principal amounts of the series 222 and series 223 G.O. renewal and improvement temporary notes.

U of Maryland Medical offering

In other upcoming sales, the University of Maryland Medical System plans to price $165.945 million in series 2008 Maryland Health and Higher Educational Facilities Authority revenue bonds, said a source at the issuer Thursday afternoon.

The sale includes $88.2 million in series 2008F fixed-rate health care revenue bonds, which are set to price the week of July 7. The sale also includes $40.705 million in series 2008G variable-rate revenue bonds and $37.04 million in series 2008H variable-rate revenue bonds, which are scheduled to price the week of July 28. No exact pricing dates have been set at this time, said the source, because the issuer is still feeling out market conditions.

The bonds (A3//A) will be sold on a negotiated basis with JPMorgan as the lead manager.

Proceeds will be used to refund the system's series 2004A variable-rate demand bonds, as well as to refund the system's series 2004C and 2004D insured auction-rate securities.

Atascosa County IDC bonds

Also ahead, the Atascosa County Industrial Development Corp. of Texas intends to price $77.2 million in series 2008 variable-rate pollution control refunding revenue bonds, said a preliminary official statement released Thursday.

The bonds will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager, and the bonds are due June 30, 2020.

Proceeds will be used for air and water pollution control facilities and for sewage and solid waste facilities in Atascosa County, Texas, for the San Miguel Electric Cooperative.

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