Municipal Advisory Rule Exemption Statement

Houston Airport System Refinances Revenue Bonds

Proceeds from Issuance of Series 2012A and Series 2012B Bonds are expected to refund portions of the Airport System's 1998B, 1998C, 2000A, 2001A, 2002A and 2002B Bond Series

The Houston Airport System and the City of Houston, Texas have successfully priced their Series 2012A and Series 2012B Fixed Rate Subordinate Lien Airport Revenue Bonds. Closing is April 5, 2012. First Southwest Company and TKG & Associates acted as financial advisor for the Airport System and the City.

The new issues refinanced a portion of the Airport Systemís existing subordinate lien general airport revenue bonds (portions or all of Series 1998B, Series 1998C, Series 2000A, Series 2001A, Series 2002A, and Series 2002B) and allowed the Airport System to reduce costs.

In conjunction with rating the transaction Standard & Poorís affirmed the Airport Systemís subordinate lien bond rating at A and its senior lien debt rating at AA-.

In connection with rating the transaction Fitch affirmed the Airport Systemís subordinate lien debt rating at A+ but reduced the Airport Systemís subordinate lien rating outlook from stable to negative (Fitch does not currently rate the Airport Systemís senior lien debt).

The Offering Statement issued in connection with the Series 2012A and Series 2012B bonds as well as several other prior Offering Statements are provided for your convenience.

2001A Optional Redemption Select Series

Series 2012 Official Statement

Series 2011 Official Statement

Series 2010 Official Statement

Series 2009A Official Statement

Series 2007B Official Statement



Share |
| | |