Published on 7/15/2014 in the Prospect News Municipals Daily.
New Issue: Illinois Housing Development prices $80.52 million of mortgage bonds
By Sheri Kasprzak
New York, July 15 – The Illinois Housing Development Authority sold $80,515,000 of series 2014 housing mortgage revenue bonds, according to a pricing sheet.
The deal included $17.72 million of series 2014A-1 non-AMT bonds, $16,215,000 of series 2014A-2 AMT bonds, $25,105,000 of series 2014A-2 AMT PAC bonds, $4,375,000 of series 2014A-3 taxable bonds and $17.1 million of series 2014B AMT bonds.
The 2014A-1 bonds are due 2021 to 2024 with a term bond due in 2026. The serial coupons range from 2.75% to 3.4%, all priced at par. The 2026 bonds have a 3.6% coupon priced at par.
The 2014A-2 bonds are due 2015 to 2021 with 0.5% to 3.05% coupons, all priced at par.
The 2014A-2 PAC bonds are due Feb. 1, 2035 and have a 4% coupon that was not reoffered.
The 2104A-3 bonds are due 2015 to 2017 with 0.58% to 1.23%, all priced at par.
The 2014B bonds are due 2015 to 2024 with term bonds due in 2029, 2034, 2039 and 2044. The serial coupons range from 0.5% to 3.4%, all priced at par. The 2029 bonds have a 3.85% coupon, the 2034 bonds have a 4.15% coupon and the 2039 bonds have a 4.35% coupon, all priced at par. The 2044 bonds have a 4.45% coupon priced at par.
The bonds (/AA/) were sold through senior manager Morgan Stanley & Co. LLC.
Proceeds will be used to purchase or buy back mortgage bonds, as well as to refund the authority’s series 2003B, 2004A, 2004C, and 2005C bonds.
| Issuer: | Illinois Housing Development Authority
|
| Issue: | Series 2014 housing mortgage revenue bonds
|
| Amount: | $80,515,000
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. LLC (lead), Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Ramirez & Co. Inc., RBC Capital Markets LLC, CastleOak Securities LP, PNC Capital Markets LLC, Mesirow Financial Inc., Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Standard & Poor’s: AA
|
| Pricing date: | July 15
|
| Settlement date: | July 24
|
|
|
| $17.72 million series 2014A-1 non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $250,000 | 2021 | Serial | 2.75% | 100
|
| $1,565,000 | 2022 | Serial | 3% | 100
|
| $1.85 million | 2022 | Serial | 3.05% | 100
|
| $1,905,000 | 2023 | Serial | 3.25% | 100
|
| $1.96 million | 2023 | Serial | 3.25% | 100
|
| $2.02 million | 2024 | Serial | 3.4% | 100
|
| $2,075,000 | 2024 | Serial | 3.4% | 100
|
| $6,095,000 | 2026 | Term | 3.6% | 100
|
|
|
| $16,215,000 series 2014A-2 AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $900,000 | 2015 | Serial | 0.5% | 100
|
| $940,000 | 2015 | Serial | 0.6% | 100
|
| $975,000 | 2016 | Serial | 0.8% | 100
|
| $1,015,000 | 2016 | Serial | 0.95% | 100
|
| $1,055,000 | 2017 | Serial | 1.45% | 100
|
| $1,095,000 | 2017 | Serial | 1.55% | 100
|
| $1,135,000 | 2018 | Serial | 1.9% | 100
|
| $1.18 million | 2018 | Serial | 2% | 100
|
| $1,225,000 | 2019 | Serial | 2.35% | 100
|
| $1.27 million | 2019 | Serial | 2.4% | 100
|
| $1,315,000 | 2020 | Serial | 2.65% | 100
|
| $1,365,000 | 2020 | Serial | 2.75% | 100
|
| $1,415,000 | 2021 | Serial | 3% | 100
|
| $1.33 million | 2021 | Serial | 3.05% | 100
|
|
|
| $25,105,000 series 2014A AMT PAC bonds
|
| Maturity | Type | Coupon | Price
|
| Feb. 1, 2035 | Term | 4% | NRO
|
|
|
| $4,375,000 series 2014A-3 taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $635,000 | 2015 | Serial | 0.58% | 100
|
| $650,000 | 2015 | Serial | 0.68% | 100
|
| $665,000 | 2016 | Serial | 0.775% | 100
|
| $675,000 | 2016 | Serial | 0.87% | 100
|
| $690,000 | 2017 | Serial | 1.05% | 100
|
| $1.06 million | 2017 | Serial | 1.23% | 100
|
|
|
| $17.1 million series 2014B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $175,000 | 2015 | Serial | 0.5% | 100
|
| $185,000 | 2016 | Serial | 0.6% | 100
|
| $180,000 | 2016 | Serial | 0.7% | 100
|
| $180,000 | 2017 | Serial | 1.05% | 100
|
| $185,000 | 2017 | Serial | 1.15% | 100
|
| $180,000 | 2018 | Serial | 1.5% | 100
|
| $185,000 | 2018 | Serial | 1.6% | 100
|
| $185,000 | 2019 | Serial | 1.95% | 100
|
| $190,000 | 2019 | Serial | 2.05% | 100
|
| $190,000 | 2020 | Serial | 2.35% | 100
|
| $195,000 | 2020 | Serial | 2.45% | 100
|
| $190,000 | 2021 | Serial | 2.7% | 100
|
| $200,000 | 2021 | Serial | 2.75% | 100
|
| $200,000 | 2022 | Serial | 3% | 100
|
| $200,000 | 2022 | Serial | 3.05% | 100
|
| $210,000 | 2023 | Serial | 3.25% | 100
|
| $210,000 | 2023 | Serial | 3.25% | 100
|
| $210,000 | 2024 | Serial | 3.4% | 100
|
| $215,000 | 2024 | Serial | 3.4% | 100
|
| $2,405,000 | 2029 | Term | 3.85% | 100
|
| $2,925,000 | 2034 | Term | 4.15% | 100
|
| $3,615,000 | 2039 | Term | 4.35% | 100
|
| $4.49 million | 2044 | Term | 4.45% | 100
|
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