By Sheri Kasprzak
New York, Nov. 18 - The Virginia Housing Development Authority sold $155.8 million of series 2011D taxable rental housing bonds, according to a pricing sheet.
The bonds (Aa1/AA+/) were sold through Wells Fargo Securities LLC. The co-managers were BB&T Capital Markets LLC, Bank of America Merrill Lynch, Davenport & Co. LLC, Morgan Keegan & Co. Inc. and Raymond James & Associates Inc.
The bonds are due 2013 to 2023 with term bonds due in 2034 and 2039. The serial coupons range from 0.70% to 4.129%, all priced at par. The 2034 bonds have a 5.051% coupon priced at par, and the 2039 bonds have a 5.251% coupon, also priced at par.
Proceeds will be used to redeem outstanding rental housing bonds, which were used to fund mortgage loans.
| Issuer: | Virginia Housing Development Authority
|
| Issue: | Series 2011D taxable rental housing bonds
|
| Amount: | $155.8 million
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead), BB&T Capital Markets LLC, Bank of America Merrill Lynch, Davenport & Co. LLC, Morgan Keegan & Co. Inc. and Raymond James & Associates Inc. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 8
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.5 million | 2013 | Serial | 0.70% | 100
|
| $3.65 million | 2014 | Serial | 1.246% | 100
|
| $3.7 million | 2015 | Serial | 1.593% | 100
|
| $3.76 million | 2016 | Serial | 1.993% | 100
|
| $3.84 million | 2017 | Serial | 2.44% | 100
|
| $3.935 million | 2018 | Serial | 2.79% | 100
|
| $4.045 million | 2019 | Serial | 3.079% | 100
|
| $4.17 million | 2020 | Serial | 3.329% | 100
|
| $4.31 million | 2021 | Serial | 3.579% | 100
|
| $4.465 million | 2022 | Serial | 3.779% | 100
|
| $4.635 million | 2023 | Serial | 4.129% | 100
|
| $68.02 million | 2034 | Term | 5.051% | 100
|
| $45.77 million | 2039 | Term | 5.251% | 100
|
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