Published on 9/14/2015 in the Prospect News Municipals Daily.
New Issue: Wisconsin Housing sells $202.86 million of homeownership revenue bonds
By Sheri Kasprzak
New York, Sept. 14 – The Wisconsin Housing and Economic Development Authority sold $202,855,000 of series 2015 homeownership revenue bonds, according to a pricing sheet.
The offering included $137,855,000 of series 2015A AMT bonds, $20,795,000 of series 2015B non-AMT bonds and $44,205,000 of series 2015C variable-rate demand bonds.
The 2015A bonds are due 2016 to 2024 with a term bond due in 2045. The serial coupons range from 0.5% to 3.3%, all priced at par. The 2045 bonds have a 4% coupon priced at 106.76 to yield 2.28%.
The 2015B bonds are due 2024 to 2026 with 2.95% to 3.25% coupons, all priced at par.
The 2015C bonds are due March 1, 2031 and bear interest at the term rate.
The bonds were sold through RBC Capital Markets LLC and BofA Merrill Lynch.
Proceeds will be used to finance mortgage loans and refund existing debt.
| Issuer: | Wisconsin Housing and Economic Development Authority
|
| Issue: | Series 2015 homeownership revenue bonds
|
| Amount: | $202,855,000
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC and BofA Merrill Lynch (lead)
|
| Pricing date: | Sept. 3
|
| Settlement date: | Sept. 15
|
|
|
| $137,855,000 series 2015A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,275,000 | 2016 | Serial | 0.50% | 100 | 0.50%
|
| $3,355,000 | 2016 | Serial | 0.65% | 100 | 0.65%
|
| $3,375,000 | 2017 | Serial | 1.05% | 100 | 1.05%
|
| $3,405,000 | 2017 | Serial | 1.15% | 100 | 1.15%
|
| $3,435,000 | 2018 | Serial | 1.40% | 100 | 1.40%
|
| $3.47 million | 2018 | Serial | 1.50% | 100 | 1.50%
|
| $3,505,000 | 2019 | Serial | 1.85% | 100 | 1.85%
|
| $3,545,000 | 2019 | Serial | 1.95% | 100 | 1.95%
|
| $3,585,000 | 2020 | Serial | 2.15% | 100 | 2.15%
|
| $3.64 million | 2020 | Serial | 2.25% | 100 | 2.25%
|
| $3,695,000 | 2021 | Serial | 2.50% | 100 | 2.50%
|
| $3,755,000 | 2021 | Serial | 2.60% | 100 | 2.60%
|
| $3,815,000 | 2022 | Serial | 2.80% | 100 | 2.80%
|
| $3,885,000 | 2022 | Serial | 2.90% | 100 | 2.90%
|
| $3.95 million | 2023 | Serial | 3.05% | 100 | 3.05%
|
| $4,025,000 | 2023 | Serial | 3.15% | 100 | 3.15%
|
| $4.1 million | 2024 | Serial | 3.25% | 100 | 3.25%
|
| $915,000 | 2024 | Serial | 3.30% | 100 | 3.30%
|
| $75,125,000 | 2045 | Term | 4% | 106.76 | 2.28%
|
|
|
| $20,795,000 series 2015B non-AMT bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $3.27 million | 2024 | Serial | 2.95% | 100
|
| $4.26 million | 2025 | Serial | 3.05% | 100
|
| $4,335,000 | 2025 | Serial | 3.10% | 100
|
| $4.42 million | 2026 | Serial | 3.20% | 100
|
| $4.51 million | 2026 | Serial | 3.25% | 100
|
|
|
| $44,205,000 series 2015C variable-rate bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2031 | Term | Term rate | 100
|
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