Published on 4/14/2016 in the Prospect News Municipals Daily.
New Issue: Tennessee Housing Development prices $125 million program finance bonds
By Sheri Kasprzak
New York, April 14 – The Tennessee Housing Development Agency sold $125 million of series 2016-1 residential program finance bonds, said a pricing sheet.
The bonds (Aa1/AA+/) were sold through senior manager RBC Capital Markets LLC.
The deal included $24.06 million of series 2016-1A AMT bonds and $100.94 million of series 2016-1B non-AMT bonds.
The 2016-1A bonds are due Jan. 1, 2047, have a 3.5% coupon and priced at 106.882 to yield 2.03%.
The 2016-1B bonds are due 2017 to 2031 with term bonds due in 2036, 2038 and 2047. The serial coupons range from 0.625% to 2.95% and all priced at par. The 2036 bonds have a 3.25% coupon, the 2038 bonds have a 3.375% coupon, and both priced at par. The 2047 bonds have a 3.5% coupon and priced at 107.618.
Proceeds will be used to finance housing program loans to qualified Tennessee residents.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2016-1 residential program finance bonds
|
| Amount: | $125 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), Citigroup Global Markets Inc., Raymond James/Morgan Keegan, FTN Financial Capital Markets Inc., J.P. Morgan Securities LLC, J.J.B. Hilliard, W.L. Lyons LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | April 14
|
| Settlement date: | May 18
|
|
|
| $24.06 million series 2016-1A AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Jan. 1, 2047 | Term | 3.5% | 106.882 | 2.03%
|
|
|
| $100.94 million series 2016-1B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $680,000 | 2017 | Serial | 0.625% | 100
|
| $1.54 million | 2017 | Serial | 0.75% | 100
|
| $1.55 million | 2018 | Serial | 0.85% | 100
|
| $1.56 million | 2018 | Serial | 0.95% | 100
|
| $1.57 million | 2019 | Serial | 1.00% | 100
|
| $1.58 million | 2019 | Serial | 1.10% | 100
|
| $1,595,000 | 2020 | Serial | 1.20% | 100
|
| $1,605,000 | 2020 | Serial | 1.30% | 100
|
| $1.62 million | 2021 | Serial | 1.40% | 100
|
| $1,635,000 | 2021 | Serial | 1.50% | 100
|
| $1.65 million | 2022 | Serial | 1.65% | 100
|
| $1.67 million | 2022 | Serial | 1.75% | 100
|
| $1.69 million | 2023 | Serial | 1.85% | 100
|
| $1.71 million | 2023 | Serial | 1.95% | 100
|
| $1.73 million | 2024 | Serial | 2.00% | 100
|
| $1.75 million | 2024 | Serial | 2.05% | 100
|
| $1,775,000 | 2025 | Serial | 2.20% | 100
|
| $1.8 million | 2025 | Serial | 2.25% | 100
|
| $1,825,000 | 2026 | Serial | 2.35% | 100
|
| $1,855,000 | 2026 | Serial | 2.40% | 100
|
| $1.88 million | 2027 | Serial | 2.50% | 100
|
| $1.91 million | 2027 | Serial | 2.55% | 100
|
| $1.94 million | 2028 | Serial | 2.65% | 100
|
| $1,975,000 | 2028 | Serial | 2.65% | 100
|
| $2.01 million | 2029 | Serial | 2.75% | 100
|
| $2,045,000 | 2029 | Serial | 2.75% | 100
|
| $2,085,000 | 2030 | Serial | 2.85% | 100
|
| $2.12 million | 2030 | Serial | 2.85% | 100
|
| $2,195,000 | 2031 | Serial | 2.95% | 100
|
| $2.16 million | 2031 | Serial | 2.95% | 100
|
| $24.39 million | 2036 | Term | 3.25% | 100
|
| $8.4 million | 2038 | Term | 3.375% | 100
|
| $15.44 million | 2047 | Term | 3.50% | 107.618
|
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