By Sheri Kasprzak
New York, Aug. 11 - The Michigan State Housing Development Authority priced $118.925 million in series 2010 rental housing revenue bonds on Wednesday, according to a pricing sheet.
The offering included $87.79 million in series 2010A tax-exempt bonds and $31.135 million in series 2010B federally taxable bonds.
The bonds (/AA/) were sold through Bank of America Merrill Lynch and J.P. Morgan Securities Inc. as the senior managers. The co-managers were Barclays Capital Inc. and Morgan Stanley & Co. Inc.
The 2010A bonds are due 2011 to 2020 with term bonds due 2025, 2030, 2035, 2040 and 2046. Coupons range from 1% to 3.45%, all priced at par. The 2025 bonds have a 4.375% coupon, the 2030 bonds have a 4.875% coupon, the 2035 bonds have a 5% coupon, the 2040 bonds have a 5.125% coupon and the 2046 bonds have a 5.25% coupon, all priced at par.
The 2010B bonds are due 2015 and 2019. The 2015 bonds have a 3.3% coupon priced at par, and the 2019 bonds have a 4.825% coupon priced at par.
Proceeds will be used to finance newly originated mortgages, which will be used to construct, finance, acquire or rehabilitate authority housing.
The Lansing, Mich.-based authority provides mortgage loans to low- and moderate-income families.
| Issuer: | Michigan State Housing Development Authority
|
| Issue: | Series 2010 rental housing revenue bonds
|
| Amount: | $118.925 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and J.P. Morgan Securities Inc. (lead), Barclays Capital Inc. and Morgan Stanley & Co. Inc. (co-managers)
|
| Rating: | Standard & Poor's: AA
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 24
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 1% | 100
|
| 2011 | Serial | 1.25% | 100
|
| 2012 | Serial | 1.375% | 100
|
| 2012 | Serial | 1.5% | 100
|
| 2013 | Serial | 1.55% | 100
|
| 2013 | Serial | 1.625% | 100
|
| 2014 | Serial | 1.75% | 100
|
| 2014 | Serial | 1.85% | 100
|
| 2015 | Serial | 2.125% | 100
|
| 2015 | Serial | 2.25% | 100
|
| 2016 | Serial | 2.5% | 100
|
| 2016 | Serial | 2.625% | 100
|
| 2017 | Serial | 2.875% | 100
|
| 2017 | Serial | 2.875% | 100
|
| 2018 | Serial | 3.125% | 100
|
| 2018 | Serial | 3.125% | 100
|
| 2019 | Serial | 3.375% | 100
|
| 2019 | Serial | 3.375% | 100
|
| 2020 | Serial | 3.45% | 100
|
| 2020 | Serial | 3.45% | 100
|
| 2025 | Term | 4.375% | 100
|
| 2030 | Term | 4.875% | 100
|
| 2035 | Term | 5% | 100
|
| 2040 | Term | 5.125% | 100
|
| 2046 | Term | 5.25% | 100
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2015 | Term | 3.3% | 100
|
| 2019 | Term | 4.825% | 100
|
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