Florida Housing Finance plans purchases of two revenue bonds series

By Jennifer Chiou

New York, Oct. 5 - Florida Housing Finance Corp. announced that it intends to make open-market purchases of up to $49 million of its 1993 series A affordable housing guarantee revenue bonds and up to $46.25 million of its 1999 series A affordable housing guarantee revenue bonds.

The company will not pay less than par plus accrued interest.

The bonds may be optionally tendered by bondholders on a weekly basis under the trust indentures. That purchase price is payable from funds drawn under the company's liquidity facility.

Florida Housing said that there have been numerous draws on the liquidity agreements to pay the purchase price of tendered bonds throughout 2009.

Following Standard & Poor's Sept. 30 downgrade of MBIA's rating to BB+ from BBB, Florida Housing said it received from the liquidity provider notice of the suspension of commitments under the liquidity agreements.

As a result of the suspension, Florida Housing is planning to acquire some bonds in one or more transactions, either directly from investors in the open market, from liquidity banks, or as a purchaser in a remarketing of the bonds.

Questions may be directed to chief financial officer Barbara Goltz (850 488-4197 or Barbara.goltz@floridahousing.org).

Florida Housing Finance is located in Tallahassee, Fla.

© 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.