Published on 12/2/2008 in the Prospect News Municipals Daily.
New Issue: Virginia Housing Development Authority prices $200 million in mortgage bonds
By Aaron Hochman-Zimmerman
New York, Dec. 2 - Virginia Housing Development Authority announced the pricing of $200 million in series 2008D and 2008E commonwealth mortgage bonds (Aaa/AAA), according to the authority.
The offer was downsized from $300 million and split into $46.6 million of series 2008D AMT bonds and $153.4 million series 2008E non-AMT bonds.
Merrill Lynch & Co. acted as the lead underwriter while Banc of America Securities, BB&T Capital Markets, Davenport & Co., Morgan Keegan & Co., Raymond James & Associates and Wachovia Securities were the co-managers.
Of the series 2008D bonds, one term bond due 2014 priced at par to yield 6.125%. Serial bonds priced to yield between 5% and 6.375% with maturities from 2010 to 2016.
Of the series 2008E bonds, seven term bonds due between 2020 and 2031 priced at par to yield between 5.5% and 6.375%. Serial bonds priced to yield between 3.5% and 5% with maturities between 2011 and 2018.
Proceeds will be used to fund mortgage loans.
Issuer: Virginia Housing Development Authority
Issue: Series 2008D and series 2008E commonwealth mortgage bonds
Amount: $200 million
Pricing date: Dec. 2
Underwriter: Merrill Lynch & Co.
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| 2008D AMT bonds
|
| Maturity Date | Amount | Type | Yield | Price
|
| April 1, 2010 | $3.86 million | Serial | 5.00% | Par
|
| Oct. 1, 2010 | $2.93 million | Serial | 5.125% | Par
|
| April 1, 2011 | $1.31 million | Serial | 5.25% | Par
|
| Oct. 1, 2011 | $1.31 million | Serial | 5.375% | Par
|
| April 1, 2012 | $10.2 million | Serial | 5.625% | Par
|
| Oct. 1, 2012 | $3.32 million | Serial | 5.75% | Par
|
| April 1, 2013 | $2.95 million | Serial | 6.00% | Par
|
| Oct. 1, 2013 | $780,000 | Serial | 6.00% | Par
|
| April 1, 2014 | $8.93 million | Term | 6.125% | Par
|
| Oct. 1, 2014 | $4.13 million | Serial | 6.125% | Par
|
| April 1, 2015 | $4.13 million | Serial | 6.25% | Par
|
| Oct. 1, 2015 | $4.13 million | Serial | 6.25% | Par
|
| April 1, 2016 | $4.06 million | Serial | 6.375% | Par
|
| Oct. 1, 2016 | $4.17 million | Serial | 6.375% | Par
|
|
|
| 2008E non-AMT bonds
|
| Maturity Date | Amount | Type | Yield | Price
|
| July 1, 2011 | $2.15 million | Serial | 3.50% | 99.5%
|
| Jan. 1, 2012 | $2.82 million | Serial | 3.75% | 99.5%
|
| July 1, 2012 | $3.38 million | Serial | 4.00% | 99.5%
|
| Jan. 1, 2013 | $10.1 million | Serial | 4.125% | 99.5%
|
| Jan. 1, 2017 | $4.2 million | Serial | 4.875% | Par
|
| July 1, 2017 | $4.26 million | Serial | 4.875% | Par
|
| Jan. 1, 2018 | $4.2 million | Serial | 5.00% | Par
|
| July 1, 2018 | $4.13 million | Serial | 5.00% | Par |
|
| July 1, 2020 | $16.2 million | Term | 5.50% | Par
|
| July 1, 2022 | $8.78 million | Term | 5.75% | Par
|
| July 1, 2025 | $29.5 million | Term | 6.00% | Par |
|
| July 1, 2028 | $2.73 million | Term | 6.10% | Par
|
| July 1, 2031 | $39.27 million | Term | 6.25% | Par
|
| July 1, 2033 | $1.5 million | Term | 6.30% | Par |
|
| Jan. 1, 2036 | $28.7 million | Term | 6.375% | Par
|
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