Published on 5/17/2016 in the Prospect News Municipals Daily.
New Issue: Ohio Housing prices $225.19 million residential mortgage revenue bonds
By Sheri Kasprzak
New York, May 17 – The Ohio Housing Finance Agency priced $225.19 million of series 2016 residential mortgage revenue bonds, according to a term sheet.
The offering included $114.15 million of series 2016D bonds, $12.46 million of series 2016E variable-rate bonds, $9.15 million of series 2016F variable-rate bonds, $25.59 million of series 2016G variable-rate bonds, $23.01 million of series 2016H variable-rate bonds, $8,035,000 of series 2016I variable-rate bonds and $32,795,000 of series 2016J variable-rate bonds.
The bonds were sold on a negotiated basis with Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as the senior managers for the 2016D bonds and Citigroup as the sole underwriter for the variable-rate bonds.
The 2016D bonds are due 2016 to 2024 with a term bond due in 2047. The serial coupons range from 0.55% to 1.95%, all priced at par. The 2047 bonds have a 4% coupon priced at 109.619.
The variable-rate bonds are all due March 1, 2036 and bear interest at the weekly rate.
Proceeds will be used to finance mortgage loans to qualified Ohio residents.
| Issuer: | Ohio Housing Finance Agency
|
| Issue: | Series 2016 residential mortgage revenue bonds
|
| Amount: | $225.19 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead for 2016D, sole for 2016E-J), J.P. Morgan Securities LLC (lead for 2016D), BofA Merrill Lynch, Fifth Third Securities Inc., KeyBanc Capital Markets LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC and Wells Fargo Securities LLC (co-managers for 2016D bonds)
|
| Pricing date: | May 6
|
| Settlement date: | May 25
|
|
|
| $114.15 million series 2016D bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $660,000 | 2016 | Serial | 0.55% | 100
|
| $2,255,000 | 2017 | Serial | 0.65% | 100
|
| $2,355,000 | 2017 | Serial | 0.70% | 100
|
| $2,425,000 | 2018 | Serial | 0.85% | 100
|
| $2.49 million | 2018 | Serial | 0.90% | 100
|
| $2,555,000 | 2019 | Serial | 1.05% | 100
|
| $2.62 million | 2019 | Serial | 1.10% | 100
|
| $2.7 million | 2020 | Serial | 1.20% | 100
|
| $2,765,000 | 2020 | Serial | 1.25% | 100
|
| $2,845,000 | 2021 | Serial | 1.45% | 100
|
| $2.92 million | 2021 | Serial | 1.50% | 100
|
| $3 million | 2022 | Serial | 1.70% | 100
|
| $3,085,000 | 2022 | Serial | 1.75% | 100
|
| $3,165,000 | 2023 | Serial | 1.85% | 100
|
| $3.25 million | 2023 | Serial | 1.90% | 100
|
| $2.46 million | 2024 | Serial | 1.95% | 100
|
| $72.6 million | 2047 | Term | 4% | 109.619
|
|
|
| $12.46 million series 2016E bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
|
|
| $9.15 million series 2016F bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
|
|
| $25.59 million series 2016G bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
|
|
| $23.01 million series 2016H bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
|
|
| $8,035,000 series 2016I bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
|
|
| $32,795,000 series 2016J bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2036 | Term | Weekly | 100
|
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