Pennsylvania HFA Prices $145 Million Multifamily Refunding

D'Ambrosio, Gillian
June 2003
Bond Buyer;6/26/2003, Vol. 344 Issue 31665, p6
Trade Publication
The Pennsylvania Housing Finance Agency on June 25, 2003 priced about $145 million in rental housing refunding bonds, while looking ahead to two single-family deals later this summer. Joe Knopic, manager of project financing for the agency, said he was very pleased to lock in an initial interest rate of 0.95% during the negotiated sale, on which Bear, Stearns & Co. was the lead underwriter. The Section 8-assisted Series 2003A and 2003B bonds, which refunded portions of the agency's 1993 issue, were structured first as auction-rate securities at a variable rate before they were swapped into a fixed-rate issue with Bear Stearns at a rate of 3.502%.


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