Published on 5/15/2013 in the Prospect News Municipals Daily.
New Issue: Minnesota Housing Finance prices $85.17 million housing finance bonds
By Sheri Kasprzak
New York, May 15 - The Minnesota Housing Finance Agency priced $85.17 million of series 2013 residential housing finance bonds, according to a pricing sheet.
The deal included $33,305,000 of series 2013A AMT bonds, $9,555,000 of series 2013B non-AMT bonds and $42.31 million of series 2013C non-AMT bonds.
The 2013A bonds are due 2014 to 2016 with a term bond due in 2031. The serial coupons range from 0.4% to 1.15% all priced at par. The 2031 bonds have a 3% coupon priced at 105.035 to yield 1.73%.
The 2013B bonds are due 2016 to 2019 with 0.9% to 1.8% coupons all priced at par.
The 2013C bonds are due 2019 to 2023 with term bonds due in 2033, 2038 and 2043 with serial coupons from 1.8% to 2.75% all priced at par. The 2033 bonds have a 3.6% coupon, the 2038 bonds have a 3.8% coupon and the 2043 bonds have a 3.9% coupon, all priced at par.
RBC Capital Markets LLC was the senior manager.
Proceeds will be used to finance mortgage loans.
| Issuer: | Minnesota Housing Finance Agency
|
| Issue: | Series 2013 residential housing finance bonds
|
| Amount: | $85.17 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Raymond James/Morgan Keegan (co-managers)
|
| Pricing date: | May 15
|
| Settlement date: | June 20
|
|
|
| $33,305,000 series 2013A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.31 million | 2014 | Serial | 0.40% | 100% | 0.40%
|
| $1.39 million | 2014 | Serial | 0.50% | 100 | 0.50%
|
| $1.4 million | 2015 | Serial | 0.625% | 100 | 0.625%
|
| $1.41 million | 2015 | Serial | 0.75% | 100 | 0.75%
|
| $1,425,000 | 2016 | Serial | 1.05% | 100 | 1.05%
|
| $550,000 | 2016 | Serial | 1.15% | 100 | 1.15%
|
| $25.82 million | 2031 | Term | 3% | 105.035 | 1.73%
|
|
|
| $9,555,000 series 2013B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $885,000 | 2016 | Serial | 0.90% | 100
|
| $1.45 million | 2017 | Serial | 1.10% | 100
|
| $1,465,000 | 2017 | Serial | 1.20% | 100
|
| $1.48 million | 2018 | Serial | 1.45% | 100
|
| $1.5 million | 2018 | Serial | 1.55% | 100
|
| $1,515,000 | 2019 | Serial | 1.70% | 100
|
| $1.26 million | 2019 | Serial | 1.80% | 100
|
|
|
| $42.31 million series 2013C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $275,000 | 2019 | Serial | 1.80% | 100
|
| $1,555,000 | 2020 | Serial | 2.00% | 100
|
| $1.58 million | 2020 | Serial | 2.10% | 100
|
| $1.6 million | 2021 | Serial | 2.30% | 100
|
| $1,625,000 | 2021 | Serial | 2.35% | 100
|
| $1.65 million | 2022 | Serial | 2.55% | 100
|
| $1.68 million | 2022 | Serial | 2.55% | 100
|
| $1.71 million | 2023 | Serial | 2.75% | 100
|
| $1.74 million | 2023 | Serial | 2.75% | 100
|
| $8.18 million | 2033 | Term | 3.60% | 100
|
| $11.26 million | 2038 | Term | 3.80% | 100
|
| $9,455,000 | 2043 | Term | 3.90% | 100
|
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