By Cristal Cody
Springdale, Ark., Aug. 7 - The Puerto Rico Housing Finance Authority priced $484.475 million bonds in two sales, according to official statements.
The authority sold $384.475 million capital fund modernization program subordinate bonds (/AA-/A+) with 3% to 5.5% coupons to yield 1.94% to 5.33% for Puerto Rico Public Housing Projects.
The bonds have serial maturities from Dec. 1, 2008 through Dec. 1, 2020 and terms due 2027.
JPMorgan was the senior manager of the negotiated sale. Co-managers were Banc of America Securities LLC; Citigroup Global Markets; Oriental Financial Services; Santander Securities; Bbvapr MSD; Depfa First Albany Securities LLC; Eurobank MSD; Goldman, Sachs & Co.; Lehman Brothers; Loop Capital Markets; Merrill Lynch & Co.; Morgan Stanley; Oppenheimer & Co.; Popular Securities; RBC Capital Markets; Samuel A. Ramirez & Co.; Scotia Capital and Wachovia Capital Markets LLC.
The authority also sold $100 million housing revenue bonds (/BBB/) for the Vivienda Modernization 1 LLC project.
The series 2008 bonds priced with a 4.75% coupon to yield 5%.
The bonds are due Oct. 1, 2011.
JPMorgan was the senior manager of the negotiated sale. Co-managers were Banc of America Securities LLC, Citigroup Global Markets, Oriental Financial Services and Santander Securities.
Proceeds from both series will be used to purchase 33 public housing projects and rehabilitate the properties for public housing.
| Issuer: | Puerto Rico Housing Finance Authority/Vivienda Modernization 1 LLC
|
| Issue: | Housing revenue bonds
|
| Total amount: | $100 million
|
| Type: | Negotiated
|
| Coupon: | 4.75%
|
| Yield: | 5%
|
| Maturity: | 2011
|
| Underwriter: | JPMorgan (lead)
|
| Ratings: | Standard & Poor's: BBB |
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 7
|
|
|
| Issuer: | Puerto Rico Housing Finance Authority/Puerto Rico Public Housing Projects
|
| Issue: | Capital fund modernization program subordinate bonds
|
| Total amount: | $384.475 million
|
| Type: | Negotiated
|
| Underwriter: | JPMorgan (lead)
|
| Ratings: | Standard & Poor's: AA-
|
| Fitch: A+
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 7
|
|
|
| Subordinate bonds
|
| Maturity | Type | Coupon | Yield
|
| 2008 | Serial | 3% | 1.94%
|
| 2009 | Serial | 3.5% | 2.47% |
|
| 2009 | Serial | 5% | 2.47%
|
| 2010 | Serial | 3.5% | 3.12%
|
| 2010 | Serial | 5% | 3.12%
|
| 2011 | Serial | 4% | 3.59%
|
| 2011 | Serial | 5% | 3.59%
|
| 2012 | Serial | 4% | 3.81%
|
| 2012 | Serial | 5% | 3.81%
|
| 2013 | Serial | 4% | Par
|
| 2013 | Serial | 5% | 4%
|
| 2014 | Serial | 4% | 4.18%
|
| 2014 | Serial | 5.25% | 4.18%
|
| 2015 | Serial | 4.25% | 4.33%
|
| 2015 | Serial | 5.5% | 4.33%
|
| 2016 | Serial | 4.375% | 4.48%
|
| 2016 | Serial | 5.5% | 4.48%
|
| 2017 | Serial | 4.5% | 4.62%
|
| 2017 | Serial | 5.5% | 4.62%
|
| 2018 | Serial | 4.625% | 4.74%
|
| 2018 | Serial | 5.5% | 4.74%
|
| 2019 | Serial | 5.5% | 4.88%
|
| 2020 | Serial | 5% | Par
|
| 2020 | Serial | 5.5% | 4.99%
|
| 2027 | Term | 5.125% | 5.33%
|
|
|
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