By Sheri Kasprzak
New York, Oct. 15 – The Tennessee Housing Development Agency sold $150 million of series 2014 residential finance program bonds, according to a pricing sheet.
The deal included $27,885,000 of series 2014A AMT bonds, $5.07 million of series 2014B non-AMT bonds and $117,045,000 of series 2014C non-AMT bonds.
The 2014A bonds are due 2045 and have a 4% coupon priced at 110.09. The 2014B bonds are due 2016 to 2017 with a term bond due in 2019. The serial coupons range from 0.4% to 0.7% priced at par. The 2019 bonds have a 1.3% coupon and a 1.4% coupon, both priced at par. The 2014C bonds are due 2015 to 2025 with term bonds due in 2029, 2034, 2039 and 2045. The serial coupons range from 0.25% to 2.75%, all priced at par. The 2029 bonds have a 3.05% coupon, the 2034 bonds have a 3.4% coupon and the 2039 bonds have a 3.55% coupon, all priced at par. The 2045 bonds have a 3.65% coupon priced at par and a 4% coupon priced at 110.783.
The bonds (Aa1/AA+/) were sold through RBC Capital Markets LLC.
Proceeds will be used to finance residential program loans.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2014 residential finance program bonds
|
| Amount: | $150 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Citigroup Global Markets Inc., Raymond James/Morgan Keegan, J.P. Morgan Securities LLC, Hilliard Lyons LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | Oct. 15
|
| Settlement date: | Nov. 20
|
|
|
| $27,885,000 series 2014A AMT bonds
|
| Maturity | Type | Coupon | Price
|
| 2045 | Term | 4% | 110.09
|
|
|
| $5.07 million series 2014B non-AMT bonds
|
| Maturity | Type | Coupon | Price
|
| 2016 | Serial | 0.40% | 100
|
| 2017 | Serial | 0.70% | 100
|
| 2019 | Term | 1.30% | 100
|
| 2019 | Term | 1.40% | 100
|
|
|
| $117,045,000 series 2014C non-AMT bonds
|
| Maturity | Type | Coupon | Price
|
| 2015 | Serial | 0.25% | 100
|
| 2016 | Serial | 0.29% | 100
|
| 2016 | Serial | 0.40% | 100
|
| 2017 | Serial | 0.60% | 100
|
| 2017 | Serial | 0.70% | 100
|
| 2018 | Serial | 0.95% | 100
|
| 2018 | Serial | 1.05% | 100
|
| 2019 | Serial | 1.30% | 100
|
| 2020 | Serial | 1.70% | 100
|
| 2020 | Serial | 1.80% | 100
|
| 2021 | Serial | 1.90% | 100
|
| 2021 | Serial | 2.00% | 100
|
| 2022 | Serial | 2.20% | 100
|
| 2022 | Serial | 2.30% | 100
|
| 2023 | Serial | 2.45% | 100
|
| 2023 | Serial | 2.50% | 100
|
| 2024 | Serial | 2.60% | 100
|
| 2024 | Serial | 2.65% | 100
|
| 2025 | Serial | 2.70% | 100
|
| 2025 | Serial | 2.75% | 100
|
| 2029 | Term | 3.05% | 100
|
| 2034 | Term | 3.40% | 100
|
| 2039 | Term | 3.55% | 100
|
| 2045 | Term | 3.65% | 100
|
| 2045 | Term | 4% | 110.783
|
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