Published on 5/15/2012 in the Prospect News Municipals Daily.
New Issue: Connecticut Housing prices $177 million mortgage finance program bonds
By Sheri Kasprzak
New York, May 15 - The Connecticut Housing Finance Authority sold $176,999,000 of series 2012C housing mortgage finance program bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold through Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. The co-managers were Barclays Capital Inc., Goldman, Sachs & Co., Grigsby & Associates Inc., Janney Montgomery Scott LLC, Jefferies & Co., M.R. Beal & Co., Raymond James/Morgan Keegan, Ramirez & Co., Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC.
The deal included $106,835,000 of series 2012C-1 bonds and $70,164,000 of series 2012C-2 AMT bonds.
The 2012C-1 bonds are due 2024 to 2025 with term bonds due in 2027, 2029, 3021, 2035 and 2038. The serial coupons range from 2.9% to 3%, all priced at par. The 2027 bonds have a 3.25% coupon, the 2029 bonds have a 3.375% coupon, and the 2031 bonds have a 3.5% coupon, all priced at par. The 2035 bonds have a 3.75% coupon, and the 2038 bonds have a 3.875% coupon, both priced at par.
The 2012C-2 bonds are due 2017 to 2024 with 2% to 2.5% coupons, all priced at par.
Proceeds will be used to refund bonds initially issued to finance mortgage loans.
| Issuer: | Connecticut Housing Finance Authority
|
| Issue: | Series 2012C housing mortgage finance program bonds
|
| Amount: | $176,999,000
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (lead); Barclays Capital Inc., Goldman, Sachs & Co., Grigsby & Associates Inc., Janney Montgomery Scott LLC, Jefferies & Co., M.R. Beal & Co., Raymond James/Morgan Keegan, Ramirez & Co., Rice Financial Products Co., Roosevelt & Cross Inc. and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | May 15
|
| Settlement date: | June 7
|
|
|
|
|
| $106,835,000 series 2012C-1 bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,765,000 | 2024 | Serial | 2.90% | 100
|
| $3,595,000 | 2024 | Serial | 2.90% | 100
|
| $3,185,000 | 2025 | Serial | 3.00% | 100
|
| $4,155,000 | 2025 | Serial | 3.00% | 100
|
| $16.41 million | 2027 | Term | 3.25% | 100
|
| $12,055,000 | 2029 | Term | 3.375% | 100
|
| $11,075,000 | 2031 | Term | 3.50% | 100
|
| $26.57 million | 2035 | Term | 3.75% | 100
|
| $28,025,000 | 2038 | Term | 3.875% | 100
|
|
|
|
|
| $70,164,000 series 2012C-2 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,295,000 | 2017 | Serial | 2% | 100
|
| $5.42 million | 2018 | Serial | 2.2% | 100
|
| $5.54 million | 2018 | Serial | 2.25% | 100
|
| $5,065,000 | 2019 | Serial | 2.5% | 100
|
| $5.18 million | 2019 | Serial | 2.55% | 100
|
| $5,295,000 | 2020 | Serial | 2.75% | 100
|
| $5,415,000 | 2020 | Serial | 2.8% | 100
|
| $5.72 million | 2021 | Serial | 3% | 100
|
| $5.86 million | 2021 | Serial | 3% | 100
|
| $4,654,000 | 2022 | Serial | 3.25% | 100
|
| $4.82 million | 2022 | Serial | 3.25% | 100
|
| $4,905,000 | 2023 | Serial | 3.375% | 100
|
| $5.01 million | 2023 | Serial | 3.375% | 100
|
| $1,985,000 | 2024 | Serial | 3.5% | 100
|
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