New Issue: Virginia Housing Development prices $55.5 million pass-through certificates to yield 6%-6.5%

By Sheri Kasprzak

New York, Nov. 12 - The Virginia Housing Development Authority priced a substantially downsized $55,500,706 offering of series 2008C commonwealth mortgage bonds pass-through certificates, according to an official statement released Wednesday. The authority originally planned to sell $151.738 million of the certificates.

The certificates (Aaa/AAA/) were sold through lead manager Morgan Keegan & Co.

The bonds are due June 25, 2038. Of the bonds, $27,000,706 priced with a 6% coupon at par and $28.5 million priced with a 6.5% coupon, also at par.

Proceeds will be used to purchase mortgages.

Issuer:	Virginia Housing Development Authority
Issue:	Series 2008C commonwealth mortgage bonds pass-through certificates
Amount:	$55,500,706
Maturity:	June 25, 2038
Coupon:	6% for $27,000,706; 6.5% for $28.5 million
Price:	Par
Underwriter:	Morgan Keegan & Co.
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
Pricing date:	Nov. 7
Settlement date:	Nov. 18

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