Published on 4/24/2014 in the Prospect News Municipals Daily.
New Issue: Florida Housing Finance prices $71.07 million homeowner mortgage bonds
By Sheri Kasprzak
New York, April 24 - The Florida Housing Finance Corp. sold $71.07 million of series 2014 homeowner mortgage revenue bonds, said a pricing sheet.
The deal included $21.07 million of series 2014A taxable bonds and $50 million of series 2014B non-AMT bonds.
The 2014A bonds are due Jan. 1, 2036 and have a 3% coupon priced at par.
The 2014B bonds are due 2016 to 2024 with term bonds due in 2029, 2034, 2039, 2045 and 2046. The serial coupons range from 0.5% to 3.1% all priced at par. The 2029 bonds have a 3.7% coupon, the 2034 bonds have a 4% coupon and the 2039 bonds have a 4.2% coupon all priced at par. The 2045 bonds have a 3% coupon priced at 104.625 to yield 2.01%. The 2046 bonds have a 4.35% coupon priced at par.
The bonds were sold through lead manager RBC Capital Markets LLC.
Proceeds will be used to finance single-family mortgage loans to qualified Florida residents.
| Issuer: | Florida Housing Finance Corp.
|
| Issue: | Series 2014 homeowner mortgage revenue bonds
|
| Amount: | $71.07 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, BofA Merrill Lynch, George K. Baum & Co., Janney Montgomery Scott LLC and Raymond James/Morgan Keegan (co-managers)
|
| Pricing date: | April 24
|
| Settlement date: | May 28
|
|
|
| $21.07 million series 2014A taxable bonds
|
| Maturity | Type | Coupon | Price
|
| Jan. 1, 2036 | Term | 3% | 100
|
|
|
| $50 million series 2014B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $105,000 | 2016 | Serial | 0.5% | 100 | 0.5%
|
| $260,000 | 2017 | Serial | 0.85% | 100 | 0.85%
|
| $260,000 | 2017 | Serial | 0.95% | 100 | 0.95%
|
| $260,000 | 2018 | Serial | 1.25% | 100 | 1.25%
|
| $260,000 | 2018 | Serial | 1.375% | 100 | 1.375%
|
| $270,000 | 2019 | Serial | 1.65% | 100 | 1.65%
|
| $270,000 | 2019 | Serial | 1.75% | 100 | 1.75%
|
| $275,000 | 2020 | Serial | 2% | 100 | 2%
|
| $275,000 | 2020 | Serial | 2.1% | 100 | 2.1%
|
| $285,000 | 2021 | Serial | 2.4% | 100 | 2.4%
|
| $290,000 | 2021 | Serial | 2.5% | 100 | 2.5%
|
| $295,000 | 2022 | Serial | 2.75% | 100 | 2.75%
|
| $295,000 | 2022 | Serial | 2.8% | 100 | 2.8%
|
| $300,000 | 2023 | Serial | 2.95% | 100 | 2.95%
|
| $305,000 | 2023 | Serial | 2.95% | 100 | 2.95%
|
| $315,000 | 2024 | Serial | 3.1% | 100 | 3.1%
|
| $325,000 | 2024 | Serial | 3.1% | 100 | 3.1%
|
| $3.68 million | 2029 | Term | 3.7% | 100 | 3.7%
|
| $4,655,000 | 2034 | Term | 4% | 100 | 4%
|
| $5.98 million | 2039 | Term | 4.2% | 100 | 4.2%
|
| $20 million | 2045 | Term | 3% | 104.625 | 2.01%
|
| $11.04 million | 2046 | Term | 4.35% | 100 | 4.35%
|
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