Published on 5/14/2014 in the Prospect News Municipals Daily.
New Issue: Oregon Housing prices $87.76 million of mortgage program revenue bonds
By Sheri Kasprzak
New York, May 14 - The Oregon Housing and Community Services Department sold $87.76 million of series 2014 single-family mortgage program mortgage revenue bonds, according to a pricing sheet.
The deal included $42,285,000 of series 2014A non-AMT bonds, $15,425,000 of series 2014A planned amortization class bonds and $30.05 million of series 2014B AMT bonds.
The 2014A non-AMT bonds are due 2019 to 2025 with term bonds due in 2029 and 2033. The serial coupons range from 1.55% to 3.15% all priced at par. The 2029 bonds have a 3.60% coupon and the 2033 bonds have a 3.875% coupon both priced at par.
The 2014A PAC bonds are due July 1, 2044 and have a 4% coupon priced at 109.359.
The 2014B bonds are due 2015 to 2019 with a term bond due in 2044. The serial coupons range from 0.30% to 1.95% all priced at par. The 2044 bonds have a 4% coupon. Those bonds were not reoffered.
The bonds (Aa2) were sold through J.P. Morgan Securities LLC and BofA Merrill Lynch.
Proceeds will be used to purchase mortgage loans.
| Issuer: | Oregon Housing and Community Services Department
|
| Issue: | Series 2014 single-family mortgage program mortgage revenue bonds
|
| Amount: | $87.76 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead); Fidelity Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | May 14
|
| Settlement date: | May 29
|
|
|
| $42,285,000 series 2014A non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $315,000 | 2019 | Serial | 1.55% | 100
|
| $1.65 million | 2019 | Serial | 1.65% | 100
|
| $1.47 million | 2020 | Serial | 1.85% | 100
|
| $1.48 million | 2020 | Serial | 1.95% | 100
|
| $1,495,000 | 2021 | Serial | 2.25% | 100
|
| $1.51 million | 2021 | Serial | 2.35% | 100
|
| $1.53 million | 2022 | Serial | 2.60% | 100
|
| $1.55 million | 2022 | Serial | 2.65% | 100
|
| $1.57 million | 2023 | Serial | 2.85% | 100
|
| $1,605,000 | 2023 | Serial | 2.90% | 100
|
| $1,615,000 | 2024 | Serial | 3.00% | 100
|
| $1,345,000 | 2024 | Serial | 3.05% | 100
|
| $1,415,000 | 2025 | Serial | 3.15% | 100
|
| $1,485,000 | 2025 | Serial | 3.15% | 100
|
| $11,495,000 | 2029 | Term | 3.60% | 100
|
| $10,755,000 | 2033 | Term | 3.875% | 100
|
|
|
| $15,425,000 series 2014A planned amortization class bonds
|
| Maturity | Type | Coupon | Price
|
| July 1, 2044 | Term | 4% | 109.359
|
|
|
| $30.05 million series 2014B AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.64 million | 2015 | Serial | 0.30% | 100
|
| $1,655,000 | 2015 | Serial | 0.40% | 100
|
| $1,655,000 | 2016 | Serial | 0.60% | 100
|
| $1,655,000 | 2016 | Serial | 0.70% | 100
|
| $1.66 million | 2017 | Serial | 1.00% | 100
|
| $1.67 million | 2017 | Serial | 1.10% | 100
|
| $1.68 million | 2018 | Serial | 1.55% | 100
|
| $1,695,000 | 2018 | Serial | 1.65% | 100
|
| $1,385,000 | 2019 | Serial | 1.95% | 100
|
| $15,355,000 | 2044 | Term | 4% | NRO
|
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