Published on 7/5/2011 in the Prospect News Liability Management Daily and Prospect News Municipals Daily.
Puerto Rico Housing Finance gets tenders for $155.18 million of collateralized mortgage obligations
By Susanna Moon
Chicago, July 5 - The Puerto Rico Housing Finance Authority said it received and accepted tenders for $155.18 million of its $331.67 million of mortgage trust III collateralized mortgage obligations originally issued by its predecessor, Puerto Rico Housing Finance Corp.
The breakdown for the tenders is provided in the table below.
The series A, class Z-2 bonds covered by the offer mature between Jan. 1, 2012 and Jan. 1, 2021.
The purchase prices per $1,000 principal amount are noted in the table. Also included in the table is each bond's accreted value, which is its initial principal amount plus accreted interest up to and including July 7 per $1,000 of maturity value.
The offer expired at 5 p.m. ET on June 30. The settlement date is expected to be July 7.
The dealer manager was Popular Securities, Inc. (787 758-7400 or 800 981-7400), and the information and tender agent is Bondholder Communications Group, LLC (888 385-2663 or 212 809-2663).
Puerto Rico Housing Finance Authority tender offer
| Bonds | Accepted tenders | Accreted value | Cash price
|
| $20.78 million bonds due Jan. 1, 2012 | $10.315 million | $962.80 | $995.95
|
| $20.85 million bonds due July 1, 2012 | $7.12 million | $925.77 | $991.03
|
| $20.16 million bonds due Jan. 1, 2013 | $15.715 million | $890.16 | $984.67
|
| $19.09 million bonds due July 1, 2013 | $6.05 million | $855.92 | $977.11
|
| $18.4 million bonds due Jan. 1, 2014 | $7.91 million | $823.00 | $967.78
|
| $17.96 million bonds due July 1, 2014 | $8.205 million | $791.35 | $961.37
|
| $17.04 million bonds due Jan. 1, 2015 | None | $760.91 | $941.37
|
| $16.93 million bonds due July 1, 2015 | $8.125 million | $731.65 | $925.28
|
| $16.94 million bonds due Jan. 1, 2016 | $16.485 million | $703.51 | $907.53
|
| $16.95 million bonds due July 1, 2016 | None | $676.45 | $888.21
|
| $16.97 million bonds due Jan. 1, 2017 | $8.905 million | $650.43 | $879.06
|
| $16.92 million bonds due July 1, 2017 | $11.67 million | $625.41 | $860.01
|
| $16.74 million bonds due Jan. 1, 2018 | $9.415 million | $601.36 | $829.28
|
| $16.66 million bonds due July 1, 2018 | $13.345 million | $578.23 | $816.17
|
| $16.63 million bonds due Jan. 1, 2019 | $6.505 million | $555.99 | $797.33
|
| $16.39 million bonds due July 1, 2019 | $1.345 million | $534.61 | $765.89
|
| $15.6 million bonds due Jan. 1, 2020 | $2.66 million | $514.04 | $745.73
|
| $15.32 million bonds due July 1, 2020 | $9.03 million | $494.27 | $734.92
|
| $15.34 million bonds due Jan. 1, 2021 | $12.38 million | $475.26 | $714.43
|
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