Alaska Housing Finance prepares to sell $100.31 million revenue bonds

By Sheri Kasprzak

New York, Oct. 27 - The Alaska Housing Finance Corp. plans to bring to market $100.305 million of series 2011 mortgage revenue bonds, according to a preliminary official statement.

The offering includes $28.945 million of series 2011A taxable bonds, $56.89 million of series 2011B-1 bonds and $14.47 million of series 2011B-2 bonds.

The bonds will be sold on a negotiated basis with Morgan Keegan & Co. Inc. as the senior manager. The co-managers are Bank of America Merrill Lynch, Edward D. Jones & Co. LP, George K. Baum & Co., J.P. Morgan Securities LLC, KeyBanc Capital Markets LLC, Morgan Stanley & Co. LLC and Siebert Brandford Shank & Co. LLC.

The 2011A bonds are due Dec. 1, 2026. The 2011B-1 bonds are due 2012 to 2023, and the 2011B-2 bonds are due June 1, 2026.

The corporation also intends to convert $128.75 million of series 2009A-2 bonds, which are due Dec. 1, 2041. Until Jan. 22, 2012, the bonds will bear interest at the short-term rate but will be converted to a permanent rate thereafter.

Proceeds from the new issue will be used to make mortgage loans.

The corporation is based in Anchorage and provides affordable housing loans to qualified Alaskans.

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