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Idaho Housing and Finance Association makes cash offer to purchase bonds in Dutch auction
By Jennifer Chiou
New York, May 14 - Idaho Housing and Finance Association announced an offer to purchase for cash its outstanding bonds.
The offer ends at 5 p.m. ET on June 5.
The association invites bondholders to offer to sell their securities at purchase prices to be determined by a modified Dutch auction. It added that it will consider offers to sell bonds in the order of highest to lowest spreads.
Idaho Housing will determine the purchase price for each series and maturity of bonds based on a yield equal to the applicable MMD yield plus the clearing spread.
Those who tender by the early deadline at 5 p.m. ET on May 29 will receive a premium determined using the tender yield minus five basis points.
The bonds that are eligible for participation are noted in the invitation to bondholders, a copy of which can be obtained from information agent and depositary D.F. King & Co., Inc. (800 967-4612). Barclays Capital Inc. is the dealer manager (800 438-3242 or call collect at 212 528-7581).
The association is based in Boise, Idaho.
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