By Aaron Hochman-Zimmerman
New York, March 24 - The City of Houston in Texas priced $476 million in series 2009A first-lien combined utility system revenue and refunding bonds, according to Janice Evans-Davis, director of communications.
The bonds priced with a true interest cost of 5.598538%.
Piper Jaffray & Co. acted as the lead underwriter for the negotiated deal.
The bonds carry serial maturities from Nov. 15, 2009 through Nov. 15, 2029 with term bonds due in 2033 and 2038.
Proceeds will be used to refund and defease $300 million in outstanding series A commercial paper notes and series 2008D2 first-lien revenue refunding bonds.
Issuer: City of Houston
Issue: Series 2009A first-lien combined utility system revenue and refunding bonds
| Amount: | $476 million
|
| Maturities: | Serial bonds due 2009 to 2029, term bonds due 2033, 2038
|
| TIC: | 5.598538%
|
| Type: | Negotiated
|
| Underwriter: | Piper Jaffray & Co.
|
| Pricing date: | March 24 |
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