Tennessee Housing Development Agency to price $55 million homeownership program bonds Tuesday

By Sheri Kasprzak

New York, April 28 - The Tennessee Housing Development Agency intends to price $55 million in homeownership program bonds Tuesday, said Trent Ribley, the agency's chief financial officer.

The bonds, Ribley said, will be sold mostly to retail investors, and an institutional order period will be available on Tuesday.

The bonds began pricing Friday on a retail basis, Ribley said, and were still pricing late Monday afternoon, but the terms were not immediately available.

"If there's a need for it, we'll price on Tuesday as well," Ribley said.

The bonds are being sold on a negotiated basis through lead manager Morgan Stanley.

Proceeds will be used for the agency's first-time homebuyer mortgage program.

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