Tennessee Housing Agency to price $120.7 million homeownership bonds

By Sheri Kasprzak

New York, Sept. 20 - The Tennessee Housing Development Agency is set to sell $120.7 million of series 2010 homeownership program bonds during the week of Sept. 20, said a preliminary official statement.

The sale includes $25 million of series 2010-1A non-AMT bonds, $6.475 million of series 2010-1B non-AMT bonds and $89.225 million of series 2010-1C AMT bonds.

The bonds (Aa1/AA+/) will be sold on a negotiated basis with Bank of America Merrill Lynch as the lead manager. The co-managers include RBC Capital Markets Corp., Morgan Keegan & Co. Inc., Citigroup Global Markets Inc., Raymond James & Associates Inc., M.R. Beal & Co. Inc. and Wiley Bros.

The 2010-1A bonds are due 2014 to 2022, with a term bond due July 1, 2025. The 2010-1B bonds are due 2011 to 2017. The 2010-1C bonds are due 2011 to 2021, with term bonds due Jan. 1, 2025, and July 1, 2025.

Proceeds will be used to finance mortgage loans.

Based in Nashville, the agency provides affordable housing loans for low- to moderate-income Tennessee residents.

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