Published on 6/28/2012 in the Prospect News Municipals Daily.
New Issue: Tennessee Housing agency sells $133.11 million of homeownership bonds
By Sheri Kasprzak
New York, June 28 - The Tennessee Housing Development Agency priced $133.11 million of series 2012 homeownership program bonds, according to a pricing sheet.
The deal includes $27,285,000 of series 2012-1A AMT bonds, $15,825,000 of series 2012-1B non-AMT bonds and $90 million of series 2012-1C non-AMT bonds.
The 2012-1A bonds are due 2013 to 2017 with a term bond due in 2038. The serial coupons range from 0.8% to 1.95%, all priced at par. The 2038 bonds have a 4.5% coupon priced at 128.655.
The 2012-1B bonds are due 2018 to 2021 with 1.9% to 2.65% coupons, all priced at par.
The 2012-1C bonds are due 2022 to 2023 with term bonds due in 2027, 2029, 2037 and 2042. The serial coupons range from 2.8% to 3%, all priced at par. The 2027 bonds have a 3.5% coupon priced at par, and the 2029 bonds have a 3.65% coupon priced at par. The 2037 bonds have a 4.5% coupon priced at 139.248. The 2042 bonds have a 4.2% coupon priced at par.
The bonds (Aa1/AA+/) were sold through lead manager Citigroup Global Markets Inc. with Raymond James/Morgan Keegan, RBC Capital Markets LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and FTN Financial Capital Markets as the co-managers.
Proceeds will be used to finance mortgage loans for qualified Tennessee residents.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2012 homeownership program bonds
|
| Amount: | $133.11 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead); Raymond James/Morgan Keegan, RBC Capital Markets LLC, J.P. Morgan Securities LLC, Wells Fargo Securities LLC and FTN Financial Capital Markets (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | June 28
|
| Settlement date: | July 19
|
|
|
| $27,285,000 series 2012-1A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.22 million | 2013 | Serial | 0.8% | 100
|
| $1,705,000 | 2013 | Serial | 0.85% | 100
|
| $1.71 million | 2014 | Serial | 1.05% | 100
|
| $1.72 million | 2014 | Serial | 1.1% | 100
|
| $1.73 million | 2015 | Serial | 1.3% | 100
|
| $1.74 million | 2015 | Serial | 1.35% | 100
|
| $1.75 million | 2016 | Serial | 1.5% | 100
|
| $1,765,000 | 2016 | Serial | 1.55% | 100
|
| $1.78 million | 2017 | Serial | 1.9% | 100
|
| $1.8 million | 2017 | Serial | 1.95% | 100
|
| $10,365,000 | 2038 | Term | 4.5% | 128.655
|
|
|
| $15,825,000 series 2012-1B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,895,000 | 2018 | Serial | 1.9% | 100
|
| $1,915,000 | 2018 | Serial | 1.95% | 100
|
| $1.94 million | 2019 | Serial | 2.15% | 100
|
| $1,965,000 | 2019 | Serial | 2.2% | 100
|
| $1.98 million | 2020 | Serial | 2.45% | 100
|
| $2.02 million | 2020 | Serial | 2.45% | 100
|
| $2.04 million | 2021 | Serial | 2.65% | 100
|
| $2.07 million | 2021 | Serial | 2.65% | 100
|
|
|
| $90 million series 2012-1C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.1 million | 2022 | Serial | 2.8% | 100
|
| $2.13 million | 2022 | Serial | 2.8% | 100
|
| $2,155,000 | 2023 | Serial | 3% | 100
|
| $2.19 million | 2023 | Serial | 3% | 100
|
| $18.92 million | 2027 | Term | 3.5% | 100
|
| $10.56 million | 2029 | Term | 3.65% | 100
|
| $28.98 million | 2037 | Term | 4.5% | 139.248
|
| $22,965,000 | 2042 | Term | 4.2% | 100
|
© 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.
