Alaska Housing Finance to price $80.88 million home mortgage revenue bonds Jan. 30

By Sheri Kasprzak

New York, Jan. 16 - The Alaska Housing Finance Corp. plans to price $80.88 million in home mortgage revenue bonds, according to Mike Strand, finance officer with the corporation.

The bonds are set to price Jan. 29 for retail and Jan. 30 for institutional investors, Strand said. The offering is expected to settle on Feb. 1.

The series 2008A bonds include $15.695 million in a serial structure from Dec. 1, 2009 through Dec. 1, 2018 and term bonds due Dec. 1, 2023, Dec. 1, 2028, Dec. 1, 2033 and Dec. 1, 2038. Strand said the preliminary bond yield is set at just over 5% for the whole 30-year deal.

The bonds are redeemable at par any time before maturity, according to a preliminary official statement released Wednesday.

Proceeds from the offering will be used to purchase qualified mortgage loans for first-time home buyers in Alaska, Strand said.

Citigroup Global Markets is the lead manager with Bear, Stearns & Co. Inc.; Goldman, Sachs & Co.; JPMorgan; Merrill Lynch; Siebert Brandford Shank & Co., LLC; and Wachovia Securities as the co-managers.

According to the preliminary official statement, Standard & Poor's is expected to give the bonds its AA rating, Moody's Investors Service is expected to give the bonds a Aa2 rating and Fitch is expected to give the bonds a AA+ rating.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.