By Jennifer Chiou
New York, Aug. 4 - Fairfax County Redevelopment and Housing Authority in Virginia priced $94.95 million of revenue bonds (affordable housing acquisition), series 2009.
The bonds were sold to Merrill Lynch & Co. at a true interest cost of 4.646%, while coupons on the bonds range from 2% to 5%.
The bonds will be structured with serial maturities from 2010 to 2039, with final maturity of Oct. 1, 2039.
Maturities longer than 2019 will be callable starting in 2019.
On Monday, the company said it would offer $93.465 million of bonds by competitive sale on Tuesday.
Public Financial Management, Inc. is the financial adviser for the transaction.
As already reported, proceeds will be used to help repay the $104.105 million bond anticipation notes maturing on Oct. 1, 2009 that were issued by the authority. Those notes were in return used to repay bond anticipation notes originally sold in November 2007 to finance the purchase of a multi-family rental housing property in Annandale, Va.
| Issuer: | Fairfax County Redevelopment and Housing Authority, Va.
|
| Issue: | Revenue bonds (affordable housing acquisition), series 2009
|
| Amount: | $94.95 million
|
| Maturities: | 2010 to Oct. 1, 2039
|
| True interest cost: | 4.646%
|
| Coupons: | 2% to 5%
|
| Underwriter: | Merrill Lynch & Co.
|
| Type: | Competitive
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 20
|
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