By Sheri Kasprzak
New York, March 25 - The Minnesota Housing Finance Agency priced $67.5 million of series 2011 homeownership finance bonds, said a pricing sheet.
The deal included $3.74 million of series 2011A mortgage-backed securities program bonds and $63.76 million of series 2011B non-AMT bonds.
The 2011A bonds are due 2012 to 2013 with 0.5% to 1.125% coupons, all priced at par. The 2011B bonds are due 2013 to 2023 with term bonds due in 2026 and 2031. The serial coupons range from 1.125% to 4.35%. The 2026 bonds have a 4.875% coupon priced at par, and the 2031 bonds have a split maturity with a 4.5% coupon priced at 105.861 and a 5% coupon priced at par.
RBC Capital Markets LLC was the senior manager with Morgan Stanley & Co. Inc., Piper Jaffray & Co. and Wells Fargo Securities LLC as the co-managers.
Proceeds will be used to make mortgage loans for qualified homeowners.
| Issuer: | Minnesota Housing Finance Agency
|
| Issue: | Series 2011 homeownership finance bonds
|
| Amount: | $67.5 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Morgan Stanley & Co. Inc., Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Pricing date: | March 24
|
| Settlement date: | April 20
|
|
|
| $3.74 million series 2011A
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.185 million | 2012 | Serial | 0.5% | 100
|
| $1.26 million | 2012 | Serial | 0.65% | 100
|
| $1.265 million | 2013 | Serial | 0.9% | 100
|
| $30,000 | 2013 | Serial | 1.125% | 100
|
|
|
| $63.76 million series 2011B
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.245 million | 2013 | Serial | 1.125% | 100
|
| $1.28 million | 2014 | Serial | 1.5% | 100
|
| $1.29 million | 2014 | Serial | 1.625% | 100
|
| $1.305 million | 2015 | Serial | 2% | 100
|
| $1.32 million | 2015 | Serial | 2.125% | 100
|
| $1.335 million | 2016 | Serial | 2.5% | 100
|
| $1.355 million | 2016 | Serial | 2.625% | 100
|
| $1.37 million | 2017 | Serial | 3% | 100
|
| $1.395 million | 2017 | Serial | 3% | 100
|
| $1.415 million | 2018 | Serial | 3.25% | 100
|
| $1.44 million | 2018 | Serial | 3.375% | 100
|
| $1.465 million | 2019 | Serial | 3.625% | 100
|
| $1.495 million | 2019 | Serial | 3.625% | 100
|
| $1.525 million | 2020 | Serial | 3.875% | 100
|
| $1.555 million | 2020 | Serial | 3.875% | 100
|
| $1.59 million | 2021 | Serial | 4% | 100.394
|
| $1.62 million | 2021 | Serial | 4% | 100.411
|
| $1.39 million | 2022 | Serial | 4.2% | 100
|
| $1.42 million | 2022 | Serial | 4.2% | 100
|
| $1.455 million | 2023 | Serial | 4.35% | 100
|
| $11.245 million | 2026 | Term | 4.875% | 100
|
| $15.86 million | 2031 | Term | 4.5% | 105.861
|
| $8.39 million | 2031 | Term | 5% | 100
|
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