Published on 3/24/2016 in the Prospect News Municipals Daily.
New Issue: Wisconsin Housing brings $235.8 million of homeownership revenue bonds
By Sheri Kasprzak
New York, March 24 – The Wisconsin Housing and Economic Development Authority sold $235.8 million of series 2016 homeownership revenue bonds, according to a pricing sheet. The deal was downsized from $240.3 million.
The deal included $160.8 million of series 2016A AMT bonds, $15 million of series 2016B non-AMT bonds and $60 million of series 2016C variable-rate demand non-AMT bonds.
The 2016A bonds are due 2016 to 2026 with term bonds due in 2028 and 2046. The serial coupons range from 0.75% to 3.1%, all priced at par. The 2028 bonds have a 3.3% coupon priced at par, and the 2046 bonds have a 3.5% coupon priced at 105.445 to yield 2.15%.
The 2016B bonds are due Sept. 1, 2030 and have a 3.15% coupon priced at par.
The 2016C bonds are due March 1, 2038 and bear interest at the weekly rate.
The bonds (Aa2/AA) were sold through RBC Capital Markets LLC.
Proceeds will be used to refund existing home ownership revenue bonds.
| Issuer: | Wisconsin Housing and Economic Development Authority
|
| Issue: | Series 2016 homeownership revenue bonds
|
| Amount: | $235.8 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets LLC (lead), BofA Merrill Lynch and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
| Pricing date: | March 23
|
| Settlement date: | April 27
|
|
|
| $160.8 million series 2016A AMT bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.55 million | 2016 | Serial | 0.75% | 100 | 0.75%
|
| $2.56 million | 2017 | Serial | 085% | 100 | 0.85%
|
| $2,565,000 | 2017 | Serial | 0.95% | 100 | 0.95%
|
| $2,575,000 | 2018 | Serial | 1.20% | 100 | 1.20%
|
| $2.59 million | 2018 | Serial | 1.30% | 100 | 1.30%
|
| $2,605,000 | 2019 | Serial | 1.45% | 100 | 1.45%
|
| $2,625,000 | 2019 | Serial | 1.55% | 100 | 1.55%
|
| $2.64 million | 2020 | Serial | 1.65% | 100 | 1.65%
|
| $2,665,000 | 2020 | Serial | 1.75% | 100 | 1.75%
|
| $2,685,000 | 2021 | Serial | 1.95% | 100 | 1.95%
|
| $2.71 million | 2021 | Serial | 2.05% | 100 | 2.05%
|
| $2,735,000 | 2022 | Serial | 2.25% | 100 | 2.25%
|
| $2,765,000 | 2022 | Serial | 2.35% | 100 | 2.35%
|
| $2,795,000 | 2023 | Serial | 2.50% | 100 | 2.50%
|
| $2.83 million | 2023 | Serial | 2.60% | 100 | 2.60%
|
| $2,865,000 | 2024 | Serial | 2.70% | 100 | 2.70%
|
| $2,905,000 | 2024 | Serial | 2.75% | 100 | 2.75%
|
| $2.94 million | 2025 | Serial | 2.85% | 100 | 2.85%
|
| $2,985,000 | 2025 | Serial | 2.90% | 100 | 2.90%
|
| $3,025,000 | 2026 | Serial | 3.05% | 100 | 3.05%
|
| $3.07 million | 2026 | Serial | 3.10% | 100 | 3.10%
|
| $9.91 million | 2028 | Term | 3.30% | 100 | 3.30%
|
| $93,205,000 | 2046 | Term | 3.5% | 105.445 | 2.15%
|
|
|
| $15 million series 2016B non-AMT bonds
|
| Maturity | Type | Coupon | Price | Yield
|
| Sept. 1, 2030 | Term | 3.15% | 100 | 3.15%
|
|
|
| $60 million series 2016C variable-rate demand non-AMT bonds
|
| Maturity | Type | Coupon | Price
|
| March 1, 2038 | Term | Weekly | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
