By Sheri Kasprzak
New York, Sept. 23 - The Tennessee Housing Development Agency priced $120.7 million of series 2010 homeownership program bonds, said a term sheet.
The offering included $25 million of series 2010-1A non-AMT bonds, $6.475 million of series 2010-1B non-AMT bonds and $89.225 million of series 2010-1C AMT bonds.
The 2010-1A bonds are due 2014 to 2022, with a term bond due 2025. The coupons range from 1.45% to 3.45%, all priced at par. The 2025 bonds have a 3.75% coupon priced at par.
The 2010-1B bonds are due 2011 to 2017, with coupons from 0.35% to 2.45%, all priced at par.
The 2010-1C bonds are due 2011 to 2021, with a term bond due 2025. The serial coupons range from 1.1% to 4.125%, all priced at par. The 2025 bonds have a split maturity, with a 3.75% coupon priced at par and a 4.5% coupon priced at par.
Bank of America Merrill Lynch was the senior manager for the bonds (Aa1/AA+/). The co-managers were RBC Capital Markets Corp., Morgan Keegan & Co. Inc., Citigroup Global Markets Inc., Raymond James & Associates Inc., M.R. Beal & Co. Inc. and Wiley Bros.
Proceeds will be used to finance mortgage loans.
Based in Nashville, the agency makes mortgage loans to low- to moderate-income Tennessee residents.
| Issuer: | Tennessee Housing Development Agency
|
| Issue: | Series 2010 homeownership program bonds
|
| Amount: | $120.7 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch (lead), RBC Capital Markets Corp., Morgan Keegan & Co. Inc., Citigroup Global Markets Inc., Raymond James & Associates Inc., M.R. Beal & Co. Inc. and Wiley Bros. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 13
|
|
|
| Series 2010-1A
|
| Maturity | Type | Coupon | Price
|
| 2014 | Serial | 1.45% | 100
|
| 2015 | Serial | 1.8% | 100
|
| 2015 | Serial | 1.9% | 100
|
| 2016 | Serial | 2.125% | 100
|
| 2016 | Serial | 2.2% | 100
|
| 2017 | Serial | 2.45% | 100
|
| 2017 | Serial | 2.5% | 100
|
| 2018 | Serial | 2.75% | 100
|
| 2018 | Serial | 2.75% | 100
|
| 2019 | Serial | 2.95% | 100
|
| 2019 | Serial | 2.95% | 100
|
| 2020 | Serial | 3.15% | 100
|
| 2020 | Serial | 3.15% | 100
|
| 2021 | Serial | 3.3% | 100
|
| 2021 | Serial | 3.3% | 100
|
| 2022 | Serial | 3.45% | 100
|
| 2022 | Serial | 3.45% | 100
|
| 2025 | Term | 3.75% | 100
|
|
|
| Series 2010-1B
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 0.35% | 100
|
| 2012 | Serial | 0.75% | 100
|
| 2012 | Serial | 0.85% | 100
|
| 2013 | Serial | 1.05% | 100
|
| 2013 | Serial | 1.1% | 100
|
| 2014 | Serial | 1.375% | 100
|
| 2014 | Serial | 1.45% | 100
|
| 2015 | Serial | 1.8% | 100
|
| 2015 | Serial | 1.9% | 100
|
| 2016 | Serial | 2.125% | 100
|
| 2016 | Serial | 2.2% | 100
|
| 2017 | Serial | 2.45% | 100
|
|
|
| Series 2010-1C
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 1.1% | 100
|
| 2011 | Serial | 1.2% | 100
|
| 2012 | Serial | 1.5% | 100
|
| 2012 | Serial | 1.6% | 100
|
| 2013 | Serial | 1.85% | 100
|
| 2013 | Serial | 1.95% | 100
|
| 2014 | Serial | 2.125% | 100
|
| 2014 | Serial | 2.2% | 100
|
| 2015 | Serial | 2.55% | 100
|
| 2015 | Serial | 2.55% | 100
|
| 2016 | Serial | 2.95% | 100
|
| 2016 | Serial | 3.05% | 100
|
| 2017 | Serial | 3.25% | 100
|
| 2017 | Serial | 3.3% | 100
|
| 2018 | Serial | 3.6% | 100
|
| 2018 | Serial | 3.6% | 100
|
| 2019 | Serial | 3.8% | 100
|
| 2019 | Serial | 3.8% | 100
|
| 2020 | Serial | 4% | 100
|
| 2020 | Serial | 4% | 100
|
| 2021 | Serial | 4.125% | 100
|
| 2021 | Serial | 4.125% | 100
|
| 2025 | Term | 3.75% | 100
|
| 2025 | Term | 4.5% | 100
|
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