California Housing Finance to sell $250 million mortgage revenue bonds

By Cristal Cody

Springdale, Ark., Aug. 6 - The California Housing Finance Agency expects to price $250 million home mortgage revenue bonds on Tuesday, according to the treasurer's office.

The bonds (Aa2/AA-/) also will be sold in a retail order period on Monday.

The $189.79 million series 2008L bonds have serial maturities from 2009 through 2018 and terms due 2028, 2033 and 2038.

The $60.21 million series 2008M term bonds are due 2023 and 2026.

Merrill Lynch & Co. is the senior manager of the negotiated sale. Co-managers are Goldman, Sachs & Co., Citigroup Global Markets, J.P. Morgan Securities Inc., Banc of America Securities LLC, E.J. De La Rosa & Co. and Wachovia Bank, NA.

Proceeds will be used to make or purchase mortgage loans or mortgage-backed securities and to redeem the $18.455 million outstanding from the series 2001R revenue bonds.

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