Published on 11/2/2012 in the Prospect News Municipals Daily.
New Issue: South Dakota Housing prices $76.81 million of mortgage bonds
By Sheri Kasprzak
New York, Nov. 2 - The South Dakota Housing Development Authority sold $76.81 million of series 2012 homeownership mortgage bonds, according to a pricing sheet.
The bonds (Aa1/AAA/) were sold through Bank of America Merrill Lynch and Citigroup Global Markets Inc.
The deal included $41.06 million of series 2012D AMT bonds, $9,355,000 of series 2012E non-AMT bonds and $26,395,000 of series 2012F non-AMT bonds.
The 2012D bonds are due 2013 to 2022 with a term bond due in 2029. The serial coupons range from 0.49% to 2.95%, all priced at par. The 2029 bonds have a 4% coupon priced at par.
The 2012E bonds are due May 1, 2025, and have a 2.8% coupon priced at par.
The 2012F bonds are due 2033, 2037 and 2042. The 2033 bonds have a 3.375% coupon priced at par and the 2037 bonds have a 3.625% coupon priced at par. The 2042 bonds have a 3.7% coupon priced at par.
Proceeds will be used to make mortgage loans and to refund and redeem the authority's series 2001F, 2003A, 2003B, 2003D and 2003F bonds.
| Issuer: | South Dakota Housing Development Authority
|
| Issue: | Series 2012 homeownership mortgage bonds
|
| Amount: | $76.81 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC, Dougherty & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 8
|
|
|
| $41.06 million series 2012D AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $920,000 | 2013 | Serial | 0.49% | 100
|
| $1.24 million | 2013 | Serial | 0.50% | 100
|
| $1.25 million | 2014 | Serial | 0.65% | 100
|
| $1.25 million | 2014 | Serial | 0.75% | 100
|
| $1.25 million | 2015 | Serial | 0.90% | 100
|
| $1,265,000 | 2015 | Serial | 1.00% | 100
|
| $1.28 million | 2016 | Serial | 1.30% | 100
|
| $1,285,000 | 2016 | Serial | 1.45% | 100
|
| $1.29 million | 2017 | Serial | 1.625% | 100
|
| $1.3 million | 2017 | Serial | 1.75% | 100
|
| $1.31 million | 2018 | Serial | 1.95% | 100
|
| $1,325,000 | 2018 | Serial | 2.00% | 100
|
| $1,335,000 | 2019 | Serial | 2.30% | 100
|
| $1,355,000 | 2019 | Serial | 2.375% | 100
|
| $1.36 million | 2020 | Serial | 2.55% | 100
|
| $1,385,000 | 2020 | Serial | 2.625% | 100
|
| $1,405,000 | 2021 | Serial | 2.80% | 100
|
| $1.42 million | 2021 | Serial | 2.80% | 100
|
| $255,000 | 2022 | Serial | 2.95% | 100
|
| $17.58 million | 2029 | Term | 4% | 100
|
|
|
| $9,355,000 series 2012E non-AMT bonds
|
| Maturity | Type | Coupon | Price
|
| May 1, 2025 | Term | 2.8% | 100
|
|
|
| $26,395,000 series 2012F non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15.03 million | 2033 | Term | 3.375% | 100
|
| $4.9 million | 2037 | Term | 3.625% | 100
|
| $6,465,000 | 2042 | Term | 3.7% | 100
|
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