Published on 8/19/2015 in the Prospect News Municipals Daily.
New Issue: Pennsylvania Housing Finance prices $127.18 million mortgage bonds
By Sheri Kasprzak
New York, Aug. 19 – The Pennsylvania Housing Finance Agency sold $127.18 million of series 2015-117 single-family mortgage revenue bonds, according to a pricing sheet.
The deal included $72.18 million series 2015-117A AMT bonds and $55 million of series 2015-117B non-AMT bonds.
The 2015-117A bonds are due 2025 to 2026 with term bonds due in 2030, 2033 and 2040. The serial coupons range from 3.45% to 3.55%, all priced at par. The 2030 bonds have a 3.95% coupon, the 2033 bonds a 4.1% coupon and the 2040 bonds a 3.5% coupon, all priced at par.
The 2015-117B bonds are due in 2035, 2040 and 2045. The 2035 bonds have a 3.9% coupon, the 2040 bonds have a 4.05% coupon and the 2045 bonds have a 4.15% coupon, all priced at par.
The bonds (Aa2) were sold through senior managers J.P. Morgan Securities LLC and BofA Merrill Lynch.
Proceeds will be used to finance mortgage loans and refund the agency’s series 2005-90C and 2008-102C mortgage bonds.
| Issuer: | Pennsylvania Housing Finance Agency
|
| Issue: | Series 2015-117 single-family mortgage revenue bonds
|
| Amount: | $127.18 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead), Barclays, Drexel Hamilton LLC, George K. Baum & Co., Loop Capital Markets LLC, M&T Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC (co-managers)
|
| Rating: | Moody’s: Aa2
|
| Pricing date: | Aug. 18
|
| Settlement date: | Sept. 22
|
|
|
| $72.18 million series 2015-117A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $410,000 | 2025 | Serial | 3.45% | 100
|
| $1,875,000 | 2025 | Serial | 3.45% | 100
|
| $1,915,000 | 2026 | Serial | 3.55% | 100
|
| $1.95 million | 2026 | Serial | 3.55% | 100
|
| $17.09 million | 2030 | Term | 3.95% | 100
|
| $14.81 million | 2033 | Term | 4.10% | 100
|
| $34.13 million | 2040 | Term | 3.50% | 100
|
|
|
| $55 million series 2015-117B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $19,975,000 | 2035 | Term | 3.90% | 100
|
| $16,975,000 | 2040 | Term | 4.05% | 100
|
| $18.05 million | 2045 | Term | 4.15% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
