Published on 7/25/2011 in the Prospect News Municipals Daily.
New Issue: North Dakota Housing Finance prices $90 million mortgage revenue bonds
By Sheri Kasprzak
New York, July 25 - The North Dakota Housing Finance Agency priced $90 million of series 2011 homeownership revenue bonds, said an official statement.
The offering included $54 million of series 2011A bonds and $36 million of series 2011B bonds.
The 2011A bonds are due Jan. 1, 2031 and July 1, 2041. The bonds are variable rate and bear interest initially at the term rate. The 2011B bonds are due 2012 to 2022 with term bonds due 2025 and 2028. The serial coupons range from 0.35% to 4%, all priced at par. The 2025 bonds have a 4.45% coupon priced at par. The 2028 bonds have a 4.5% coupon priced at 106.695.
The bonds (Aa3) were sold through RBC Capital Markets LLC with Morgan Stanley & Co. Inc., Bank of America Merrill Lynch and Piper Jaffray & Co. as the co-managers.
Proceeds will be used to make mortgage loans.
| Issuer: | North Dakota Housing Finance Agency
|
| Issue: | Series 2011 homeownership revenue bonds
|
| Amount: | $90 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Morgan Stanley & Co. Inc., Bank of America Merrill Lynch and Piper Jaffray & Co. (co-managers)
|
| Rating: | Moody's: Aa3
|
| Pricing date: | July 14
|
|
|
| $54 million series 2011A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $9.94 million | Jan. 1, 2031 | Term | Term rate | 100
|
| $44.06 million | July 1, 2041 | Term | Term rate | 100
|
|
|
| $36 million series 2011B bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $230,000 | 2012 | Serial | 0.35% | 100
|
| $905,000 | 2012 | Serial | 0.50% | 100
|
| $910,000 | 2013 | Serial | 1.00% | 100
|
| $915,000 | 2013 | Serial | 1.10% | 100
|
| $920,000 | 2014 | Serial | 1.40% | 100
|
| $925,000 | 2014 | Serial | 1.50% | 100
|
| $935,000 | 2015 | Serial | 1.80% | 100
|
| $945,000 | 2015 | Serial | 1.90% | 100
|
| $955,000 | 2016 | Serial | 2.20% | 100
|
| $965,000 | 2016 | Serial | 2.30% | 100
|
| $975,000 | 2017 | Serial | 2.70% | 100
|
| $990,000 | 2017 | Serial | 2.75% | 100
|
| $1.005 million | 2018 | Serial | 3.10% | 100
|
| $1.02 million | 2018 | Serial | 3.10% | 100
|
| $1.035 million | 2019 | Serial | 3.375% | 100
|
| $1.055 million | 2019 | Serial | 3.375% | 100
|
| $1.075 million | 2020 | Serial | 3.65% | 100
|
| $1.095 million | 2020 | Serial | 3.65% | 100
|
| $1.115 million | 2021 | Serial | 3.75% | 100
|
| $1.14 million | 2021 | Serial | 3.75% | 100
|
| $1.17 million | 2022 | Serial | 4.00% | 100
|
| $1.2 million | 2022 | Serial | 4.00% | 100
|
| $6.165 million | 2025 | Term | 4.45% | 100
|
| $8.355 million | 2028 | Term | 4.5% | 106.695
|
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