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American Housing Foundation, Texas, offers $221.53 million bonds
By Sheri Kasprzak
New York, Dec. 8 - The American Housing Foundation in Texas is planning to sell $221.525 million in capital trust agency multifamily housing revenue refunding bonds, according to a notice of sale released Monday.
The offering is expected to price before the end of the year.
The sale includes $160 million in senior Fannie Mae taxable bonds, $26.605 million in series B tax-exempt subordinate bonds, $8.01 million in series B taxable bonds and $26.91 million in series C subordinate tax-exempt bonds.
The bonds will be refunded from Capital Area Housing Finance Corp., Capital Trust Agency, Housing Options Inc., the Industrial Development Authority of the County of Maricopa, THEOP LLC and the Tulsa County Industrial Authority. The refunded bonds are auction-rate securities used to purchase 17 properties owned by six limited liability companies, each of which has the American Housing Foundation as its sole member.
Stern Brothers & Co. and BB&T Capital Markets are the underwriters for the negotiated offering. Trinity Partners is the financial adviser.
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