Published on 2/4/2015 in the Prospect News Municipals Daily.
New Issue: Maine State Housing sells $72 million of mortgage purchase bonds
By Sheri Kasprzak
New York, Feb. 4 – The Maine State Housing Authority priced $72 million of series 2015 mortgage purchase bonds, according to a pricing sheet.
The bonds were sold through Citigroup Global Markets Inc. and BofA Merrill Lynch.
The deal included $32 million of series 2015B non-AMT bonds and $40 million of series 2015C taxable bonds.
The 2015B bonds are due 2017 to 2025 with term bonds due in 2030, 2034 and 2040. The serial coupons range from 0.8% to 2.6%, all priced at par. The 2030 bonds have a 3.2% coupon and the 2034 bonds have a 3.45% coupon, both priced at par. The 2040 bonds have a 3.5% coupon priced at 108.541 to yield 1.69%.
The 2015C bonds are due 2018 to 2025 with term bonds due in 2030 and 2040. The serial coupons range from 1.458% to 3.039%, all priced at par. The 2030 bonds have a 3.589% coupon and the 2040 bonds have a 3.95% coupon, both priced at par.
Proceeds will be used to make mortgage loans to qualified Maine residents.
| Issuer: | Maine State Housing Authority
|
| Issue: | Series 2015 mortgage purchase bonds
|
| Amount: | $72 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and BofA Merrill Lynch (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and RBC Capital Markets LLC (co-managers)
|
| Pricing date: | Feb. 4
|
| Settlement date: | March 4
|
|
|
| $32 million series 2015B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.02 million | 2017 | Serial | 0.80% | 100 | 0.80%
|
| $1.03 million | 2018 | Serial | 1.10% | 100 | 1.10%
|
| $1.04 million | 2019 | Serial | 1.30% | 100 | 1.30%
|
| $1,055,000 | 2020 | Serial | 1.55% | 100 | 1.55%
|
| $1,075,000 | 2021 | Serial | 1.85% | 100 | 1.85%
|
| $1,095,000 | 2022 | Serial | 2.10% | 100 | 2.10%
|
| $1,115,000 | 2023 | Serial | 2.30% | 100 | 2.30%
|
| $1,145,000 | 2024 | Serial | 2.45% | 100 | 2.45%
|
| $1,175,000 | 2025 | Serial | 2.60% | 100 | 2.60%
|
| $10.75 million | 2030 | Term | 3.20% | 100 | 3.20%
|
| $1.61 million | 2034 | Term | 3.45% | 100 | 3.45%
|
| $9.89 million | 2040 | Term | 3.50% | 108.541 | 1.69%
|
|
|
| $40 million series 2015C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $390,000 | 2018 | Serial | 1.458% | 100 | 1.458%
|
| $1.21 million | 2019 | Serial | 1.894% | 100 | 1.894%
|
| $1.23 million | 2020 | Serial | 2.144% | 100 | 2.144%
|
| $1.26 million | 2021 | Serial | 2.404% | 100 | 2.404%
|
| $1.29 million | 2022 | Serial | 2.554% | 100 | 2.554%
|
| $1,325,000 | 2023 | Serial | 2.739% | 100 | 2.739%
|
| $1,365,000 | 2024 | Serial | 2.889% | 100 | 2.889%
|
| $1.41 million | 2025 | Serial | 3.039% | 100 | 3.039%
|
| $18 million | 2030 | Term | 3.589% | 100 | 3.589%
|
| $12.52 million | 2040 | Term | 3.95% | 100 | 3.95%
|
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