Published on 4/9/2014 in the Prospect News Municipals Daily.
New Issue: Michigan State Housing sells $77.74 million rental housing bonds
By Sheri Kasprzak
New York, April 9 - The Michigan State Housing Development Authority sold $77,735,000 of series 2014A non-AMT rental housing revenue bonds, according to a pricing sheet.
The bonds were sold through senior managers BofA Merrill Lynch and J.P. Morgan Securities LLC.
The bonds are due 2015 to 2024 with term bonds due in 2029, 2034, 2039, 2044 and 2050. The serial coupons range from 0.25% to 3.5%, all priced at par. The 2029 bonds have a 4.05% coupon, the 2034 bonds have a 4.45% coupon, the 2039 bonds have a 4.625% coupon, the 2044 bonds have a 4.75% coupon and the 2050 bonds have a 4.875% coupon all priced at par.
Proceeds will be used to finance recently originated mortgage loans to construct and rehabilitate rental housing developments.
Issuer: | Michigan State Housing Development Authority
|
Issue: | Series 2014A non-AMT rental housing revenue bonds
|
Amount: | $77,735,000
|
Type: | Negotiated
|
Underwriters: | BofA Merrill Lynch and J.P. Morgan Securities LLC (lead), Barclays and Morgan Stanley & Co. LLC (co-managers)
|
Pricing date: | April 9
|
Settlement date: | April 30
|
|
Amount | Maturity | Type | Coupon | Price
|
$1.51 million | 2015 | Serial | 0.25% | 100
|
$90,000 | 2016 | Serial | 0.625% | 100
|
$8,375,000 | 2016 | Serial | 0.85% | 100
|
$14.42 million | 2017 | Serial | 1.25% | 100
|
$250,000 | 2017 | Serial | 1.30% | 100
|
$260,000 | 2018 | Serial | 1.55% | 100
|
$270,000 | 2018 | Serial | 1.70% | 100
|
$275,000 | 2019 | Serial | 1.90% | 100
|
$285,000 | 2019 | Serial | 2.00% | 100
|
$295,000 | 2020 | Serial | 2.375% | 100
|
$300,000 | 2020 | Serial | 2.45% | 100
|
$310,000 | 2021 | Serial | 2.80% | 100
|
$320,000 | 2021 | Serial | 2.85% | 100
|
$330,000 | 2022 | Serial | 3.10% | 100
|
$340,000 | 2022 | Serial | 3.125% | 100
|
$350,000 | 2023 | Serial | 3.30% | 100
|
$360,000 | 2023 | Serial | 3.30% | 100
|
$370,000 | 2024 | Serial | 3.50% | 100
|
$380,000 | 2024 | Serial | 3.50% | 100
|
$4,495,000 | 2029 | Term | 4.05% | 100
|
$6,035,000 | 2034 | Term | 4.45% | 100
|
$8,085,000 | 2039 | Term | 4.625% | 100
|
$11.69 million | 2044 | Term | 4.75% | 100
|
$18.34 million | 2050 | Term | 4.875% | 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.