Published on 4/20/2016 in the Prospect News Municipals Daily.
New Issue: North Dakota Housing sells $148.83 million housing finance program bonds
By Sheri Kasprzak
New York, April 20 – The North Dakota Housing Finance Agency priced $148.83 million of series 2016 housing finance program bonds, according to a pricing sheet.
The deal included $84,535,000 of series 2016A non-AMT bonds and $64,295,000 of series 2016B AMT bonds.
The 2016A bonds are due 2019 to 2027 with term bonds due in 2031 and 2035. The serial coupons range from 1.05% to 2.6% all priced at par. The 2031 bonds have a 2.95% coupon and the 2035 bonds have a 3.2% coupon both priced at par.
The 2016B bonds are due 2017 to 2019 with a term bond due in 2047. The serial coupons range from 0.85% to 1.3% all priced at par. The 2047 bonds have a 4% coupon priced at 108.972.
The bonds (Aa1) were sold through senior managers RBC Capital Markets LLC and Wells Fargo Securities LLC.
Proceeds will be used to finance mortgage loans to qualified North Dakotans.
| Issuer: | North Dakota Housing Finance Agency
|
| Issue: | Series 2016 housing finance program bonds
|
| Amount: | $148.83 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and Wells Fargo Securities LLC (lead), Baird & Co. Inc. and Morgan Stanley & Co. LLC (co-managers)
|
| Rating: | Moody’s: Aa1
|
| Pricing date: | April 20
|
| Settlement date: | May 26
|
|
|
| $84,535,000 series 2016A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.8 million | 2019 | Serial | 1.05% | 100
|
| $2.45 million | 2019 | Serial | 1.15% | 100
|
| $2.47 million | 2020 | Serial | 1.20% | 100
|
| $2.49 million | 2020 | Serial | 1.30% | 100
|
| $2.51 million | 2021 | Serial | 1.45% | 100
|
| $2.53 million | 2021 | Serial | 1.50% | 100
|
| $2.55 million | 2022 | Serial | 1.70% | 100
|
| $2.57 million | 2022 | Serial | 1.80% | 100
|
| $2,595,000 | 2023 | Serial | 1.90% | 100
|
| $2,625,000 | 2023 | Serial | 2.00% | 100
|
| $2,645,000 | 2024 | Serial | 2.05% | 100
|
| $2.68 million | 2024 | Serial | 2.10% | 100
|
| $2,705,000 | 2025 | Serial | 2.25% | 100
|
| $2,735,000 | 2025 | Serial | 2.30% | 100
|
| $2.77 million | 2026 | Serial | 2.40% | 100
|
| $2.79 million | 2026 | Serial | 2.45% | 100
|
| $2,815,000 | 2027 | Serial | 2.55% | 100
|
| $2,835,000 | 2027 | Serial | 2.60% | 100
|
| $21,125,000 | 2031 | Term | 2.95% | 100
|
| $16,845,000 | 2035 | Term | 3.20% | 100
|
|
|
| $64,295,000 series 2016B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.5 million | 2017 | Serial | 0.85% | 100
|
| $2.39 million | 2017 | Serial | 1.08% | 100
|
| $2.4 million | 2018 | Serial | 1.10% | 100
|
| $2.42 million | 2018 | Serial | 1.125% | 100
|
| $635,000 | 2019 | Serial | 1.30% | 100
|
| $53.95 million | 2047 | Term | 4% | 108.972
|
|
|
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