Published on 10/23/2013 in the Prospect News Municipals Daily.
New Issue: Tennessee Housing brings $95.58 million of residential finance bonds
By Sheri Kasprzak
New York, Oct. 23 - The Tennessee Housing Development Agency priced $95.58 million of series 2013 residential finance program bonds, according to a pricing sheet.
The deal included $31.3 million of series 2013-2A AMT bonds and $64.28 million of series 2013-2B non-AMT bonds.
The 2013-2A bonds are due 2014 to 2017 with a term bonds due in 2043. The serial coupons range from 0.45% to 1.7%, all priced at par. The 2043 bonds have a 4% coupon.
The 2013-2B bonds are due 2018 to 2024 with term bonds due in 2028 and 2033. The serial coupons range from 1.65% to 3.6%, all priced at par. The 2028 bonds have a 4.2% coupon priced at par and the 2033 bonds have a 4.65% coupon priced at par.
The bonds (Aa1/AA+/) were sold through Citigroup Global Markets Inc.
Proceeds will be used to finance housing loans, as well as to refund the agency's series 2004-2 housing bonds.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2013 residential finance program bonds
|
| Amount: | $95.58 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 Wiley Bros.-Aintree Capital LLC (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 19
|
|
|
| $31.3 million series 2013-2A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,545,000 | 2014 | Serial | 0.45% | 100
|
| $1,545,000 | 2015 | Serial | 0.60% | 100
|
| $1.55 million | 2015 | Serial | 0.75% | 100
|
| $1.56 million | 2016 | Serial | 1.15% | 100
|
| $1,565,000 | 2016 | Serial | 1.25% | 100
|
| $1.57 million | 2017 | Serial | 1.60% | 100
|
| $1.58 million | 2017 | Serial | 1.70% | 100
|
| $20,385,000 | 2043 | Term | 4% | NRO
|
|
|
| $64.28 million series 2013-2B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.61 million | 2018 | Serial | 1.75% | 100
|
| $1.59 million | 2018 | Serial | 1.65% | 100
|
| $1,625,000 | 2019 | Serial | 2.15% | 100
|
| $1,645,000 | 2019 | Serial | 2.30% | 100
|
| $1.66 million | 2020 | Serial | 2.65% | 100
|
| $1.69 million | 2020 | Serial | 2.75% | 100
|
| $1,715,000 | 2021 | Serial | 3% | 100
|
| $1,745,000 | 2021 | Serial | 3% | 100
|
| $1.77 million | 2022 | Serial | 3.25% | 100
|
| $1,805,000 | 2022 | Serial | 3.25% | 100
|
| $1,835,000 | 2023 | Serial | 3.45% | 100
|
| $1,865,000 | 2023 | Serial | 3.45% | 100
|
| $1.9 million | 2024 | Serial | 3.6% | 100
|
| $1,935,000 | 2024 | Serial | 3.6% | 100
|
| $17,095,000 | 2028 | Term | 4.2% | 100
|
| $22,795,000 | 2033 | Term | 4.65% | 100
|
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