Puerto Rico Housing Finance to price $490.02 million bonds Tuesday

By Cristal Cody

Springdale, Ark., July 25 - The Puerto Rico Housing Finance Authority plans to price $490.02 million in bonds on Tuesday, according to a sale calendar.

The $374.22 million capital fund modernization program subordinate bonds issued for Puerto Rico Public Housing Projects have serial maturities from Dec. 1, 2008 through Dec. 1, 2018.

J.P. Morgan Securities Inc. is the senior manager of the negotiated sale. Co-managers are Banc of America Securities LLC; Citigroup Global Markets; Oriental Financial Services; Santander Securities; BBVAPR MSD; Depfa First Albany Securities LLC; Eurobank MSD; Goldman, Sachs & Co.; Lehman Brothers; Loop Capital Markets; Merrill Lynch & Co.; Morgan Stanley; Oppenheimer & Co.; Popular Securities; RBC Capital Markets; Samuel A. Ramirez & Co.; Scotia Capital and Wachovia Capital Markets LLC.

The second part of the sale includes $115.8 million housing revenue bonds for the Vivienda Modernization 1 LLC project.

The series 2008 bonds are due Oct. 1, 2011.

JPMorgan is the senior manager of the negotiated sale. Co-managers are Banc of America Securities, Citigroup Global Markets, Oriental Financial Services and Santander Securities.

Proceeds from both series will be used by a new limited liability company to purchase and rehabilitate 33 public housing projects.

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