Veterans' Housing Assistance, Texas, to price $50 million in G.O. bonds March 25

By Sheri Kasprzak

New York, March 19 - The State of Texas plans to price $50 million in general obligation bonds on March 25, a sellside source confirmed to Prospect News.

The fund II series 2008A bonds will be sold for the Veterans' Housing Assistance Program. The interest rate will initially reset every week. The maximum rate is 15%.

The bonds will be sold on a negotiated basis through lead manager Merrill Lynch.

The bonds were rated Aa1/VMIG 1 by Moody's Investors Service on Wednesday and were recently rated AA+ by Fitch Ratings.

The proceeds will be used by the Veterans' Housing Assistance Program to make home mortgage loans to eligible Texas veterans.

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