DALLAS -After converting $249 million more of its auction-rate debt to variable-rate this week, Houston is planning a similar $200 million deal the week of May 22.

The city closes today on $49 million of weekly variable-rate bonds that refinanced a 2004 tranche of auction-rate Combined Utility System securities. The deal that priced yesterday followed a $200 million issue on Wednesday that also refunded auction-rate debt. Banc of America Securities LLC served as underwriter on the deal with its affiliate Bank of America providing a letter of credit.

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