Published on 4/18/2013 in the Prospect News Municipals Daily.
New Issue: Tennessee Housing Development brings $212.82 million bonds
By Sheri Kasprzak
New York, April 18 - The Tennessee Housing Development Agency sold $212,815,000 of series 2013 residential finance program bonds, according to a pricing sheet.
The offering included $27.92 million series 2013-1A AMT bonds, $44,895,000 of series 2013-1B non-AMT bonds and $140 million of series 2013-1C non-AMT bonds.
The 2013-1A bonds are due 2014 to 2019 with 0.40% to 2.15% coupons, all priced at par.
The 2013-1B bonds are due 2023 to 2025 with a term bond due in 2031. The serial coupons range from 2.65% to 3%, all priced at par. The 2031 bonds have a 3.6% coupon priced at par.
The 2013-1C bonds are due 2019 to 2023 with term bonds due in 2038 and 2043. The serial coupons range from 1.75% to 2.65%, all priced at par. The 2038 bonds have a 3% coupon priced at 105.99, and the 2043 bonds have a 4% coupon priced at par.
The bonds (Aa1/AA+/) were sold through RBC Capital Markets LLC.
Proceeds will be used to make qualified mortgage program loans.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2013 residential finance program bonds
|
| Amount: | $212,815,000
|
| Type: | Negotiated
|
| Underwriter: | RBC Capital Markets LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | April 18
|
| Settlement date | May 30
|
|
|
| $27.92 million series 2013-1A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.44 million | 2014 | Serial | 0.4% | 100
|
| $2.44 million | 2014 | Serial | 0.5% | 100
|
| $2,445,000 | 2015 | Serial | 0.875% | 100
|
| $2.46 million | 2015 | Serial | 0.95% | 100
|
| $2.47 million | 2016 | Serial | 1.25% | 100
|
| $2,485,000 | 2016 | Serial | 1.35% | 100
|
| $2,505,000 | 2017 | Serial | 1.4% | 100
|
| $2.52 million | 2017 | Serial | 1.5% | 100
|
| $2.54 million | 2018 | Serial | 1.9% | 100
|
| $2,565,000 | 2018 | Serial | 1.9% | 100
|
| $2.59 million | 2019 | Serial | 2.15% | 100
|
| $460,000 | 2019 | Serial | 2.15% | 100
|
|
|
| $44,895,000 series 2013-1B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $770,000 | 2023 | Serial | 2.65% | 100
|
| $2,915,000 | 2024 | Serial | 2.85% | 100
|
| $2,955,000 | 2024 | Serial | 2.85% | 100
|
| $3 million | 2025 | Serial | 3% | 100
|
| $3,045,000 | 2025 | Serial | 3% | 100
|
| $32.21 million | 2031 | Term | 3.6% | 100
|
|
|
| $140 million series 2013-1C non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.16 million | 2019 | Serial | 1.75% | 100
|
| $2.65 million | 2020 | Serial | 1.95% | 100
|
| $2,675,000 | 2020 | Serial | 2% | 100
|
| $2,705,000 | 2021 | Serial | 2.25% | 100
|
| $2,735,000 | 2021 | Serial | 2.3% | 100
|
| $2,765,000 | 2022 | Serial | 2.55% | 100
|
| $2.8 million | 2022 | Serial | 2.55% | 100
|
| $2.84 million | 2023 | Serial | 2.65% | 100
|
| $2,105,000 | 2023 | Serial | 2.65% | 100
|
| $64.84 million | 2038 | Term | 3% | 105.99
|
| $51,725,000 | 2043 | Term | 4% | 100
|
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