Published on 9/19/2012 in the Prospect News Municipals Daily.
New Issue: North Dakota prices $64.51 million home mortgage finance program bonds
By Sheri Kasprzak
New York, Sept. 19 - The State of North Dakota priced $64.51 million of series 2012 North Dakota Housing Finance Agency home mortgage finance program bonds, said a pricing sheet.
The bonds (Aa1) were sold through a syndicate led by RBC Capital Markets LLC.
The deal included $50 million of series 2012A non-AMT bonds and $14.51 million of series 2012B AMT bonds.
The 2012A bonds are due 2021 to 2024 with term bonds due in 2027, 2032, 2034 and 2042. The serial coupons range from 2.75% to 3.05%, all priced at par. The 2027 bonds have a 3.35% coupon priced at par, and the 2032 bonds have a 3.6% coupon priced at par. The 2034 bonds have a 3.75% coupon priced at par, and the 2042 bonds have a 3.75% coupon priced at 107.35.
The 2012B bonds are due 2013 to 2021 with 0.6% to 3.05% coupons, all priced at par.
Proceeds will be used to make amounts available to purchase program loans.
| Issuer: | North Dakota/North Dakota Housing Finance Agency
|
| Issue: | Series 2012 home mortgage finance program bonds
|
| Amount: | $64.51 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and Piper Jaffray & Co. Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Pricing date: | Sept. 19
|
| Settlement date: | Oct. 16
|
|
|
| $50 million series 2012A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $15,000 | 2021 | Serial | 2.75% | 100
|
| $985,000 | 2022 | Serial | 2.8% | 100
|
| $1 million | 2022 | Serial | 2.8% | 100
|
| $1,015,000 | 2023 | Serial | 2.9% | 100
|
| $1,035,000 | 2023 | Serial | 2.9% | 100
|
| $1.05 million | 2024 | Serial | 3.05% | 100
|
| $1,065,000 | 2024 | Serial | 3.05% | 100
|
| $6.73 million | 2027 | Term | 3.35% | 100
|
| $12.74 million | 2032 | Term | 3.6% | 100
|
| $5,315,000 | 2034 | Term | 3.75% | 100
|
| $19.05 million | 2042 | Term | 3.75% | 107.35
|
|
|
| $14.51 million series 2012B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $490,000 | 2013 | Serial | 0.6% | 100
|
| $820,000 | 2014 | Serial | 0.75% | 100
|
| $825,000 | 2014 | Serial | 0.85% | 100
|
| $825,000 | 2015 | Serial | 0.95% | 100
|
| $830,000 | 2015 | Serial | 1.05% | 100
|
| $840,000 | 2016 | Serial | 1.4% | 100
|
| $845,000 | 2016 | Serial | 1.5% | 100
|
| $855,000 | 2017 | Serial | 1.8% | 100
|
| $865,000 | 2017 | Serial | 1.9% | 100
|
| $870,000 | 2018 | Serial | 2.25% | 100
|
| $885,000 | 2018 | Serial | 2.35% | 100
|
| $895,000 | 2019 | Serial | 2.6% | 100
|
| $910,000 | 2019 | Serial | 2.65% | 100
|
| $920,000 | 2020 | Serial | 2.85% | 100
|
| $935,000 | 2020 | Serial | 2.9% | 100
|
| $950,000 | 2021 | Serial | 3.05% | 100
|
| $950,000 | 2021 | Serial | 3.05% | 100
|
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