Published on 8/5/2015 in the Prospect News Municipals Daily.
New Issue: Oregon Housing and Community Services prices $120.18 million of bonds
By Sheri Kasprzak
New York, Aug. 5 – The Oregon Housing and Community Services Department sold $120,175,000 of series 2015 single-family mortgage program revenue bonds, said a pricing sheet. The deal was upsized from $114.01 million.
The offering included $77.93 million of series 2015A non-AMT bonds (Aa2), $8,645,000 of series 2015B AMT bonds (Aa2) and $33.6 million of series 2015C variable-rate bonds (Aa2/VMIG 1).
The 2015A bonds are due 2019 to 2028 with a term bond due in 2036. The serial coupons range from 1.5% to 3.35% and all priced at par. The 2036 bonds have a 3.5% coupon and priced at 105.809.
The 2015B bonds are due 2017 to 2019 with 0.95% to 1.7% coupons and all priced at par.
The 2015C bonds are due July 1, 2045 and bear interest at the weekly rate.
Proceeds will be used to finance mortgage loans and refund existing debt.
| Issuer: | Oregon Housing and Community Services Department
|
| Issue: | Series 2015 single-family mortgage program revenue bonds
|
| Amount: | $120,175,000
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC and BofA Merrill Lynch (lead for 2015A-B), J.P. Morgan Securities LLC (sole for 2015C), Fidelity Capital Markets LLC, Morgan Stanley & Co. LLC, Piper Jaffray & Co. and Wells Fargo Securities LLC (co-managers for 2015A-B)
|
| Pricing date: | Aug. 5
|
| Settlement date: | Sept. 1
|
|
|
| $77.93 million series 2015A non-AMT bonds (Aa2)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,105,000 | 2019 | Serial | 1.5% | 100
|
| $1.28 million | 2020 | Serial | 1.75% | 100
|
| $1.81 million | 2020 | Serial | 1.8% | 100
|
| $1.82 million | 2021 | Serial | 2.05% | 100
|
| $1,845,000 | 2021 | Serial | 2.15% | 100
|
| $1,865,000 | 2022 | Serial | 2.4% | 100
|
| $1,885,000 | 2022 | Serial | 2.45% | 100
|
| $1.91 million | 2023 | Serial | 2.6% | 100
|
| $1.94 million | 2023 | Serial | 2.65% | 100
|
| $1.96 million | 2024 | Serial | 2.8% | 100
|
| $1.99 million | 2024 | Serial | 2.85% | 100
|
| $2.02 million | 2025 | Serial | 2.95% | 100
|
| $2,045,000 | 2025 | Serial | 3% | 100
|
| $2,075,000 | 2026 | Serial | 3.1% | 100
|
| $2,115,000 | 2026 | Serial | 3.15% | 100
|
| $2,145,000 | 2027 | Serial | 3.25% | 100
|
| $2,175,000 | 2027 | Serial | 3.25% | 100
|
| $2,215,000 | 2028 | Serial | 3.35% | 100
|
| $1.97 million | 2028 | Serial | 3.35% | 100
|
| $41.76 million | 2036 | Term | 3.5% | 105.809
|
|
|
| $8,645,000 series 2015B AMT bonds (Aa2)
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.68 million | 2017 | Serial | 0.95% | 100
|
| $1.68 million | 2017 | Serial | 1% | 100
|
| $1.7 million | 2018 | Serial | 1.25% | 100
|
| $1,705,000 | 2018 | Serial | 1.35% | 100
|
| $1.72 million | 2019 | Serial | 1.6% | 100
|
| $160,000 | 2019 | Serial | 1.7% | 100
|
|
|
| $33.6 million series 2015C variable-rate bonds (Aa2/VMIG 1)
|
| Maturity | Type | Coupon | Price
|
| July 1, 2045 | Term | Weekly | 100
|
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