Maine State Housing plans $90.55 million sale of variable-rate mortgage purchase bonds

By Sheri Kasprzak

New York, April 4 - The Maine State Housing Authority intends to price $90.55 million in variable-rate mortgage purchase bonds.

The pricing date could not be determined by press time Friday.

The offering includes $39.585 million in series 2008E-1 bonds and $50.965 million in series 2008E-2 bonds. Both series of bonds are term bonds. The 2008E-1 bonds are due 2030 and 2032, and the 2008E-2 bonds are due 2030 and 2037.

The bonds will initially bear interest at the weekly rate, with a maximum rate of 12%.

The bonds will be sold on a negotiated basis with UBS Investment Bank and Bear, Stearns & Co. as the lead managers.

Proceeds will be used to refund the authority's series 2003E-1 and series 2003E-2 bonds.

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