Texas Department of Housing to price $129.6 million revenue bonds

By Cristal Cody

Tupelo, Miss., Sept. 23 - The Texas Department of Housing and Community Affairs expects to price $129.6 million in single family mortgage revenue bonds once the market stabilizes, a source with the issuer said Tuesday.

The sale includes $79.6 million in series 2008A revenue bonds and $50 million in series 2008B variable-rate revenue bonds.

The series 2008A bonds have serial maturities from 2011 through 2018 and terms due 2023, 2028, 2033 and 2040.

The series 2008B bonds are due 2040 and will price initially with a weekly interest rate.

J.P. Morgan Securities Inc. is the senior manager of the negotiated sale. Co-managers are Banc of America Securities LLC, Loop Capital Markets LLC, Merrill Lynch & Co. and Morgan Stanley & Co.

Proceeds will be used to purchase mortgage-backed pass-through certificates.

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