Published on 6/27/2016 in the Prospect News Municipals Daily.
New Issue: California Housing Finance prices $236.35 million mortgage revenue bonds at par
By Cristal Cody
Eureka Springs, Ark., June 27 – The California Housing Finance Agency sold $236.35 million of series 2016A home mortgage revenue bonds (A2/AA-) at par, according to an official statement.
The serial bonds priced with 1% to 3.442% coupons at par across the maturities due 2017 through 2031.
The issue also included a $102,635,000 term bond due Aug. 1, 2031 at par to yield 3.848% and a $48 million term bond due Aug. 1, 2036 at par to yield 2.794%.
BofA Merrill Lynch and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used together with available revenues and income to redeem all of the agency’s outstanding series 2006D, 2006E, 2006F, 2006I, 2006K and 2006M home mortgage revenue bonds.
| Issuer: | California Housing Finance Agency
|
| Issue: | Home mortgage revenue bonds
|
| Amount: | $236.35 million
|
| Type: | Negotiated
|
| Bookrunners: | BofA Merrill Lynch and RBC Capital Markets, LLC
|
| Co-managers: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Ratings: | Moody’s: A2
|
| S&P: AA-
|
| Pricing date: | June 21
|
| Settlement date: | June 30
|
|
|
| Series 2016A bonds
|
| Maturity | Amount | Type | Price | Coupon | Yield
|
| Feb. 1, 2017 | $3.96 million | Serial | Par | 1% | 1%
|
| Aug. 1, 2017 | $3,965,000 | Serial | Par | 1.35% | 1.35%
|
| Feb. 1, 2018 | $3,965,000 | Serial | Par | 1.594% | 1.594%
|
| Aug. 1, 2018 | $3.97 million | Serial | Par | 1.733% | 1.733%
|
| Feb. 1, 2019 | $3,975,000 | Serial | Par | 1.796% | 1.796%
|
| Aug. 1, 2019 | $3.98 million | Serial | Par | 1.938% | 1.938%
|
| Feb. 1, 2020 | $3,985,000 | Serial | Par | 2.039% | 2.039%
|
| Aug. 1, 2020 | $3.99 million | Serial | Par | 2.189% | 2.189%
|
| Feb. 1, 2021 | $3,995,000 | Serial | Par | 2.339% | 2.339%
|
| Aug. 1, 2021 | $4,005,000 | Serial | Par | 2.439% | 2.439%
|
| Feb. 1, 2022 | $4,001,000 | Serial | Par | 2.675% | 2.675%
|
| Aug. 1, 2022 | $4.02 million | Serial | Par | 2.875% | 2.875%
|
| Feb. 1, 2023 | $3.73 million | Serial | Par | 2.875% | 2.875%
|
| Aug. 1, 2023 | $3.74 million | Serial | Par | 2.975% | 2.975%
|
| Feb. 1, 2024 | $3,755,000 | Serial | Par | 3.092% | 3.092%
|
| Aug. 1, 2024 | $3,765,000 | Serial | Par | 3.142% | 3.142%
|
| Feb. 1, 2025 | $3.78 million | Serial | Par | 3.192% | 3.192%
|
| Aug. 1, 2025 | $3,795,000 | Serial | Par | 3.242% | 3.242%
|
| Feb. 1, 2026 | $3.81 million | Serial | Par | 3.292% | 3.292%
|
| Aug. 1, 2026 | $3,825,000 | Serial | Par | 3.342% | 3.342%
|
| Feb. 1, 2027 | $3.84 million | Serial | Par | 3.392% | 3.392%
|
| Aug. 1, 2027 | $3,855,000 | Serial | Par | 3.442% | 3.442%
|
| Aug. 1, 2031 | $102,635,000 | Term | Par | 3.848% | 3.848%
|
| Aug. 1, 2036 | $48 million | Term | Par | 2.794% | 2.794%
|
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