Virginia Housing Development repurchases $52.14 million mortgage bonds

By Angela McDaniels

Tacoma, Wash., Nov. 18 - The Virginia Housing Development Authority accepted for purchase $52.14 million of its outstanding series 2005, series 2006 and series 2007 commonwealth mortgage bonds, according to a news release from the authority.

A modified Dutch auction tender offer for the bonds began on Oct. 16 and ended on Nov. 16.

The repurchases will be made from 26 series of notes with maturities from Jan. 1, 2010 to Jan. 1, 2036.

The purchase prices range from $801 for the authority's 4.75% series 2005A-5 notes due Jan. 1, 2031 to $1,010 for its 4.75% series 2006D-2 bonds due July 1, 2023.

The authority said that due to changes in market conditions, some of the final purchase prices are less than the expected purchase prices that were announced on Nov. 16.

Those who tendered their notes prior to 5 p.m. ET on Nov. 6 will receive a premium of $5 per $1,000 principal amount in addition to the purchase price.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) was the dealer manager, and D.F. King & Co., Inc. (800 967-4612) was the depositary and information agent.

© 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.