Published on 11/18/2015 in the Prospect News Municipals Daily.
New Issue: Virginia Housing Development sells $82.39 million rental housing bonds
By Sheri Kasprzak
New York, Nov. 18 – The Virginia Housing Development Authority sold $82,385,000 of series 2015 rental housing bonds, according to a pricing sheet.
The deal included $32,385,000 of series 2015E non-AMT tax-exempt bonds and $50 million of series 2015F taxable bonds.
The bonds (Aa1/AA+) were sold competitively. Citigroup Global Markets Inc. won the 2015E bonds at a 3.629936% true interest cost, and Robert W. Baird & Co. Inc. took the 2015F bonds at a 4.260023% TIC.
The 2015E bonds are due 2017 to 2030 with term bonds due in 2035, 2040 and 2045. The serial coupons range from 0.9% to 3.35%, all priced at par. The 2035 bonds have a 3.625% coupon priced at par, and the 2040 bonds have a 3.75% coupon priced at 99.75 to yield 3.765%. The 2045 bonds have a 3.875% coupon priced at 99.5 to yield 3.903%.
Proceeds will be used to finance mortgage loans for rental housing properties in the state.
| Issuer: | Virginia Housing Development Authority
|
| Issue: | Series 2015 rental housing bonds
|
| Amount: | $82,385,000
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2015E), Robert W. Baird & Co. Inc. (winner for 2015F)
|
| True interest cost: | 3.629936% (for 2015E), 4.260023% (for 2015F)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Pricing date: | Nov. 17
|
| Settlement date: | Dec. 8
|
|
|
| $32,385,000 series 2015E non-AMT tax-exempt bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $385,000 | 2017 | Serial | 0.90% | 100 | 0.90%
|
| $785,000 | 2018 | Serial | 1.15% | 100 | 1.15%
|
| $795,000 | 2019 | Serial | 1.40% | 100 | 1.40%
|
| $805,000 | 2020 | Serial | 1.70% | 100 | 1.70%
|
| $815,000 | 2021 | Serial | 1.95% | 100 | 1.95%
|
| $830,000 | 2022 | Serial | 2.20% | 100 | 2.20%
|
| $850,000 | 2023 | Serial | 2.45% | 100 | 2.45%
|
| $870,000 | 2024 | Serial | 2.625% | 100 | 2.625%
|
| $890,000 | 2025 | Serial | 2.75% | 100 | 2.75%
|
| $910,000 | 2026 | Serial | 2.95% | 100 | 2.95%
|
| $940,000 | 2027 | Serial | 3.05% | 100 | 3.05%
|
| $965,000 | 2028 | Serial | 3.15% | 100 | 3.15%
|
| $995,000 | 2029 | Serial | 3.25% | 100 | 3.25%
|
| $1,025,000 | 2030 | Serial | 3.35% | 100 | 3.35%
|
| $5,665,000 | 2035 | Term | 3.625% | 100 | 3.625%
|
| $6.74 million | 2040 | Term | 3.75% | 99.75 | 3.765%
|
| $8.12 million | 2045 | Term | 3.875% | 99.5 | 3.903%
|
|
|
| $50 million series 2015F taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,015,000 | 2017 | Serial | 1% | 100
|
| $1.03 million | 2018 | Serial | 1.5% | 100
|
| $1.05 million | 2019 | Serial | 1.8% | 100
|
| $1,075,000 | 2020 | Serial | 2.1% | 100
|
| $1.1 million | 2021 | Serial | 2.3% | 100
|
| $1.13 million | 2022 | Serial | 2.6% | 100
|
| $1,165,000 | 2023 | Serial | 2.85% | 100
|
| $1,205,000 | 2024 | Serial | 3.05% | 100
|
| $1,245,000 | 2025 | Serial | 3.25% | 100
|
| $1,285,000 | 2026 | Serial | 3.4% | 100
|
| $1,335,000 | 2027 | Serial | 3.6% | 100
|
| $1,385,000 | 2028 | Serial | 3.8% | 100
|
| $1.44 million | 2029 | Serial | 3.9% | 100
|
| $1.5 million | 2030 | Serial | 4% | 100
|
| $1,565,000 | 2031 | Serial | 4.1% | 100
|
| $1,635,000 | 2032 | Serial | 4.15% | 100
|
| $1.71 million | 2033 | Serial | 4.2% | 100
|
| $1.79 million | 2034 | Serial | 4.25% | 100
|
| $1,875,000 | 2035 | Serial | 4.3% | 100
|
| $1.96 million | 2036 | Serial | 4.35% | 100
|
| $4.21 million | 2038 | Term | 4.4% | 100
|
| $4,625,000 | 2040 | Term | 4.45% | 100
|
| $13.67 million | 2045 | Term | 4.5% | 100
|
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