By Sheri Kasprzak
New York, Nov. 7 - The Indiana Housing and Community Development Authority priced $74.795 million in series 2008A single-family mortgage revenue bonds on Friday, said Blake Blanch, the authority's chief financial officer.
The bonds (Aaa//AAA) were scaled back from the planned $140 million size and the pricing date was pushed back to Friday from Thursday.
J.P. Morgan Securities Inc. led the negotiated sale with City Securities Corp.; Goldman, Sachs & Co.; Barclays Capital; Merrill Lynch & Co.; Citigroup Global Markets; Morgan Keegan & Co.; Fifth Third Securities; Morgan Stanley; Edward D. Jones & Co.; RBC Capital Markets; Melvin & Co.; and Raymond James & Associates as the co-managers.
The authority sold $1.955 million in series 2008A-1 bonds, which are due 2010 and 2011. The 2010 bonds have a 3.65% coupon, priced at par, and the 2011 bonds have a 3.95% coupon, also priced at par.
The authority also sold $72.84 million in series 2008A-3 bonds, which are due 2011 to 2018 with term bonds due 2023, 2029, 2033 and 2040. The serials have coupons from 3.95% to 5.3%, all priced at par. The term bonds are all priced at par. The 2023 bonds have a 5.95% coupon, the 2029 bonds have a 6.125% coupon, the 2033 bonds have a 6.25% coupon and the 2040 bonds have a 6.45% coupon.
Proceeds will be used to refund existing obligations.
| Issuer: | Indiana Housing and Community Development Authority
|
| Issue: | Series 2008A single-family mortgage revenue bonds
|
| Amount: | $74.795 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities Inc. (lead); City Securities Corp.; Goldman, Sachs & Co.; Barclays Capital; Merrill Lynch & Co.; Citigroup Global Markets; Morgan Keegan & Co.; Fifth Third Securities; Morgan Stanley; Edward D. Jones & Co.; RBC Capital Markets; Melvin & Co.; and Raymond James & Associates
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
| Pricing date: | Nov. 7
|
| Settlement date: | Dec. 2
|
|
|
| Series 2008A-1
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 3.65% | Par
|
| 2011 | Serial | 3.95% | Par
|
|
|
| Series 2008A-3
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3.95% | Par
|
| 2011 | Serial | 4.10% | Par
|
| 2012 | Serial | 4.20% | Par
|
| 2012 | Serial | 4.30% | Par
|
| 2013 | Serial | 4.45% | Par
|
| 2013 | Serial | 4.45% | Par
|
| 2014 | Serial | 4.65% | Par
|
| 2014 | Serial | 4.65% | Par
|
| 2015 | Serial | 4.85% | Par
|
| 2015 | Serial | 4.85% | Par
|
| 2016 | Serial | 5.00% | Par
|
| 2016 | Serial | 5.00% | Par
|
| 2017 | Serial | 5.125% | Par
|
| 2017 | Serial | 5.125% | Par
|
| 2018 | Serial | 5.30% | Par
|
| 2018 | Serial | 5.30% | Par
|
| 2023 | Term | 5.95% | Par
|
| 2029 | Term | 6.125% | Par
|
| 2033 | Term | 6.25% | Par
|
| 2040 | Term | 6.45% | Par
|
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