Published on 9/25/2012 in the Prospect News Municipals Daily.
New Issue: Virginia Housing Development prices $221.93 million taxable rental housing bonds
By Sheri Kasprzak
New York, Sept. 25 - The Virginia Housing Development Authority priced $221,925,000 of series 2012D taxable rental housing bonds, according to a pricing sheet.
The bonds (Aa1/AA+/) were sold through Raymond James/Morgan Keegan with BB&T Capital Markets LLC as the co-manager.
The bonds are due 2014 to 2028 with term bonds due in 2032, 2037 and 2042. The serial coupons range from 0.5% to 3.818%, all priced at par. The 2032 bonds have a 4.172% coupon priced at par and the 2037 bonds have a 4.322% coupon priced at par. The 2042 bonds have a 4.422% coupon priced at par.
Proceeds will be used to redeem existing rental housing bonds.
| Issuer: | Virginia Housing Development Authority
|
| Issue: | Series 2012D taxable rental housing bonds
|
| Amount: | $221,925,000
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead), BB&T Capital Markets LLC (co-manager)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Pricing date: | Sept. 25
|
| Settlement date: | Oct. 30
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $5,095,000 | 2014 | Serial | 0.50% | 100
|
| $5,125,000 | 2015 | Serial | 0.843% | 100
|
| $5.17 million | 2016 | Serial | 1.109% | 100
|
| $5,225,000 | 2017 | Serial | 1.339% | 100
|
| $5,295,000 | 2018 | Serial | 1.653% | 100
|
| $5.38 million | 2019 | Serial | 1.953% | 100
|
| $5,485,000 | 2020 | Serial | 2.318% | 100
|
| $5,615,000 | 2021 | Serial | 2.568% | 100
|
| $5.76 million | 2022 | Serial | 2.818% | 100
|
| $5.92 million | 2023 | Serial | 3.018% | 100
|
| $6.1 million | 2024 | Serial | 3.218% | 100
|
| $6,295,000 | 2025 | Serial | 3.418% | 100
|
| $6.51 million | 2026 | Serial | 3.568% | 100
|
| $6.74 million | 2027 | Serial | 3.668% | 100
|
| $6.99 million | 2028 | Serial | 3.818% | 100
|
| $30,895,000 | 2032 | Term | 4.172% | 100
|
| $46.6 million | 2037 | Term | 4.322% | 100
|
| $57,725,000 | 2042 | Term | 4.422% | 100
|
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