Published on 7/11/2012 in the Prospect News Municipals Daily.
New Issue: Montana Board of Housing sells $56.28 million of homeownership bonds
By Sheri Kasprzak
New York, July 11 - The Montana Board of Housing priced $56.28 million of series 2012A single-family homeownership bonds, according to a pricing sheet.
The deal included $20,065,000 of series 2012A non-AMT bonds and $36,215,000 of series 2012A AMT bonds.
The non-AMT bonds are due 2012 and 2021 to 2024 with term bonds due in 2027 and 2030. The serial coupons range from 0.375% to 3.125%, all priced at par. The 2027 bonds have a 3.4% coupon priced at par and the 2030 bonds have a 3.6% coupon priced at par.
The AMT bonds are due 2012 to 2021 with a 2038 term bond. The serial coupons range from 0.55% to 3.1%, all priced at par. The 2038 bonds have a 4% coupon priced at 105.094.
RBC Capital Markets LLC was the senior manager for the bonds (Aa3).
Proceeds will be used to finance single-family mortgage loans to qualified Montana residents.
| Issuer: | Montana Board of Housing
|
| Issue: | Series 2012A single family homeownership bonds
|
| Amount: | $56.28 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead)
|
| Ratings: | Moody's: Aa3
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 2
|
|
|
| $20,065,000 series 2012A non-AMT single-family bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $65,000 | 2012 | Serial | 0.375% | 100
|
| $1.08 million | 2021 | Serial | 2.7% | 100
|
| $1.24 million | 2022 | Serial | 2.85% | 100
|
| $1,255,000 | 2022 | Serial | 2.85% | 100
|
| $1,175,000 | 2023 | Serial | 3% | 100
|
| $1,185,000 | 2023 | Serial | 3% | 100
|
| $1.11 million | 2024 | Serial | 3.125% | 100
|
| $995,000 | 2024 | Serial | 3.125% | 100
|
| $8,145,000 | 2027 | Term | 3.4% | 100
|
| $3,815,000 | 2030 | Term | 3.6% | 100
|
|
|
| $36,215,000 series 2012A AMT single-family bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $560,000 | 2012 | Serial | 0.55% | 100
|
| $1,045,000 | 2013 | Serial | 0.8% | 100
|
| $1,055,000 | 2013 | Serial | 0.95% | 100
|
| $1.06 million | 2014 | Serial | 1.05% | 100
|
| $1.07 million | 2014 | Serial | 1.125% | 100
|
| $1,075,000 | 2015 | Serial | 1.45% | 100
|
| $1.09 million | 2015 | Serial | 1.55% | 100
|
| $1.1 million | 2016 | Serial | 1.65% | 100
|
| $1,115,000 | 2016 | Serial | 1.75% | 100
|
| $1,125,000 | 2017 | Serial | 2.05% | 100
|
| $1,145,000 | 2017 | Serial | 2.15% | 100
|
| $1.16 million | 2018 | Serial | 2.45% | 100
|
| $1.18 million | 2018 | Serial | 2.5% | 100
|
| $1.2 million | 2019 | Serial | 2.65% | 100
|
| $1.22 million | 2019 | Serial | 2.7% | 100
|
| $1.24 million | 2020 | Serial | 2.9% | 100
|
| $1,265,000 | 2020 | Serial | 2.9% | 100
|
| $1.29 million | 2021 | Serial | 3.1% | 100
|
| $190,000 | 2021 | Serial | 3.1% | 100
|
| $16.03 million | 2038 | Term | 4% | 105.094
|
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