Virginia Housing Development extends offer for some mortgage bonds

By Angela McDaniels

Tacoma, Wash., Nov. 16 - The Virginia Housing Development Authority will accept amended sale offers from holders of some of its outstanding commonwealth mortgage bonds, according to a news release from the authority.

A modified Dutch auction tender offer for the bonds began on Oct. 16.

The authority has selected the purchase prices for the bonds for which it has received offers. Holders who offered these bonds at prices that exceed the selected purchase prices can submit amended offers through 5 p.m. ET on Nov. 16.

The selected purchase prices range from $801 for the authority's 4.75% series 2005A-5 notes due Jan. 1, 2031 to $1,010 for its 4.85% series 2006D bonds due Jan. 1, 2025.

Those who tendered their notes prior to 5 p.m. ET on Nov. 6 will receive a premium of $5 per $1,000 principal amount in addition to the purchase price.

For the bonds for which no offer has been received, the tender offer expiration has been extended to 5 p.m. ET on Nov. 16 from Nov. 13.

The minimum purchase price ranges from $787.25 for the authority's 4.55% series 2004C-4 bonds due April 1, 2030 to $964.50 for its 4.9% series 2007A-1 bonds due April 1, 2020.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) is the dealer manager, and D.F. King & Co., Inc. (800 967-4612) is the depositary and information agent.

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