By Cristal Cody
Springdale, Ark., April 30 - The Wisconsin Housing and Economic Development Authority priced $65.825 million term bonds with 5.3% to 5.625% coupons on Wednesday, the issuer told Prospect News.
The authority only priced the fixed-rate portion of the series 2008A bonds, said Sherry Gerongale, treasury manager.
The series 2008A bonds also include $76.21 million that will price as variable-rate demand bonds on May 15. The bonds are due Sept. 1, 2038.
The fixed-rate bonds include a 2023 term bond that priced with a 5.3% coupon, a 2028 term bond that priced with a 5.5% coupon and a 2031 term bond that priced with a 5.625% coupon.
The true interest cost and the yields will be determined after the remaining portion has priced, Gerongale said.
No ratings have been issued yet.
The authority also expects to price $38 million series 2008B variable-rate demand bonds due Sept. 1, 2034 later in May, Gerongale said.
Merrill Lynch & Co. was the senior manager of the negotiated fixed-rate sale and will manage the sale of the variable-rate demand bonds. Co-managers on the fixed-rate bonds were J.P. Morgan Securities Inc., RBC Capital Markets, Stifel, Nicolaus & Co. and Loop Capital Markets LLC.
Proceeds will be used to refund existing loans and to purchase new mortgage loans.
| Issuer: | Wisconsin Housing and Economic Development Authority
|
| Issue: | 2008A fixed-rate term bonds
|
| Amount: | $65.825 million
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| Type: | Negotiated
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| Coupons: | 5.3%, 5.5% and 5.625%
|
| Maturities: | Term bonds due 2023, 2028 and 2031
|
| Underwriter: | Merrill Lynch & Co. (lead)
|
| Pricing date: | April 30
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