Published on 11/10/2010 in the Prospect News Municipals Daily.
New Issue: North Dakota Housing sells $71.22 million housing finance program bonds
By Sheri Kasprzak
New York, Nov. 10 - The North Dakota Housing Finance Agency priced on Tuesday $71.22 million of series 2010 housing finance program bonds, according to a pricing sheet.
The deal included $56.115 million of series 2010E non-AMT bonds and $15.105 million of series 2010F AMT bonds.
The bonds (Aa1) were sold through Morgan Stanley & Co. Inc. and RBC Capital Markets Corp. with Bank of America Merrill Lynch and Piper Jaffray & Co. as the co-managers.
The 2010E bonds are due 2011 to 2020 with term bonds due 2025, 2030, 2040 and 2041. The coupons range from 0.6% to 3.45%, all priced at par. The 2025 bonds have a 4.375% coupon priced at par, and the 2030 bonds have a 4.75% coupon priced at par. The 2040 bonds have a 5.05% coupon priced at par, and the 2041 bonds have a 4.5% coupon, also priced at par.
The 2010F bonds are due 2011 to 2015 with a term bond due 2035. The serial coupons range from 1.6% to 3.2%, all priced at par. The 2035 bonds have a 4.5% coupon priced at par.
Proceeds will be used to finance mortgage loans.
| Issuer: | North Dakota Housing Finance Agency
|
| Issue: | Series 2010 housing finance program bonds
|
| Amount: | $71.22 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Stanley & Co. Inc. and RBC Capital Markets Corp. (lead), Bank of America Merrill Lynch and Piper Jaffray & Co. (co-managers)
|
| Rating: | Moody's: Aa1
|
| Pricing date: | Nov. 9
|
| Settlement date: | Dec. 2
|
|
|
| $56.115 million series 2010E
|
| Amount | Maturity | Type | Coupon | Price
|
| $535,000 | 2011 | Serial | 0.6% | 100
|
| $555,000 | 2012 | Serial | 0.9% | 100
|
| $575,000 | 2012 | Serial | 1% | 100
|
| $585,000 | 2013 | Serial | 1.2% | 100
|
| $600,000 | 2013 | Serial | 1.3% | 100
|
| $615,000 | 2014 | Serial | 1.6% | 100
|
| $620,000 | 2014 | Serial | 1.7% | 100
|
| $635,000 | 2015 | Serial | 2% | 100
|
| $645,000 | 2015 | Serial | 2.1% | 100
|
| $660,000 | 2016 | Serial | 2.3% | 100
|
| $675,000 | 2016 | Serial | 2.4% | 100
|
| $695,000 | 2017 | Serial | 2.75% | 100
|
| $710,000 | 2017 | Serial | 2.8% | 100
|
| $725,000 | 2018 | Serial | 3% | 100
|
| $745,000 | 2018 | Serial | 3.05% | 100
|
| $760,000 | 2019 | Serial | 3.25% | 100
|
| $775,000 | 2019 | Serial | 3.25% | 100
|
| $800,000 | 2020 | Serial | 3.45% | 100
|
| $815,000 | 2020 | Serial | 3.45% | 100
|
| $7.24 million | 2025 | Term | 4.375% | 100
|
| $9.185 million | 2030 | Term | 4.75% | 100
|
| $16.275 million | 2040 | Term | 5.05% | 100
|
| $10.69 million | 2041 | Term | 4.5% | 100
|
|
|
| $15.105 million series 2010F
|
| Amount | Maturity | Type | Coupon | Price
|
| $215,000 | 2011 | Serial | 1.6% | 100
|
| $200,000 | 2012 | Serial | 1.9% | 100
|
| $200,000 | 2012 | Serial | 2.05% | 100
|
| $205,000 | 2013 | Serial | 2.3% | 100
|
| $210,000 | 2013 | Serial | 2.4% | 100
|
| $210,000 | 2014 | Serial | 2.7% | 100
|
| $215,000 | 2014 | Serial | 2.8% | 100
|
| $225,000 | 2015 | Serial | 3.1% | 100
|
| $225,000 | 2015 | Serial | 3.2% | 100
|
| $13.2 million | 2035 | Term | 4.5% | 100
|
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