Idaho Housing and Finance Association Offers to Purchase for Cash its
Outstanding Debt Securities
NEW YORK, May 13 /PRNewswire/ -- Idaho Housing and Finance Association (IHFA),
announced today that it is offering to purchase for cash its outstanding debt
securities (the "Bonds") upon the terms and subject to the conditions set
forth in IHFA's Invitation to Bondholders dated May 13, 2009 (the
"Invitation"). The relevant debt securities are specified in the Invitation.
The offer will expire at 5:00 p.m.New York City time on June 5, 2009 (the
"Expiration Time"), unless extended or earlier terminated, in either case, by
IHFA in its sole discretion. Bondholders who validly tender and do not
withdraw their bonds on or prior to 5:00 p.m., New York City time, on May 29,
2009 (the "Early Tender Deadline"), will be eligible to receive a Premium
Purchase Price. Bondholders wishing to sell must follow the instructions set
forth in the Invitation.
IHFA invites Bondholders to offer to sell their Bonds, upon the terms and
subject to the conditions set forth the Invitation, at purchase prices to be
determined by a modified Dutch Auction. Under the modified Dutch Auction,
IHFA will consider offers to sell Bonds of each series and maturity in the
order of highest to lowest spreads specified by Bondholders above MMD yields
and will, in its sole discretion, select a single spread for each series and
maturity to be accepted (the "Clearing Spread"). The Issuer will determine
the purchase price for each series and maturity of Bonds based on a yield (the
"Tender Offer Yield") equal to the applicable MMD yield plus the Clearing
Spread. Bondholders who tender and do not withdraw their offers prior to the
Early Tender Deadline will receive a Premium Purchase Price determined using
the applicable Tender Offer Yield less five (5) basis points.
The offer is made upon the terms and subject to the conditions set forth in
the Invitation. Copies of the Invitation can be obtained from D.F. King & Co.,
Inc., the Depositary and Information Agent, toll free at (800) 967-4612.
Barclays Capital is the Dealer Manager for the offer. Questions concerning the
terms of the offer may be directed to Barclays Capital toll-free at (800)
438-3242 or collect at (212) 528-7581.
This news release is neither an offer to purchase nor a solicitation of an
offer to sell Bonds. The offer is made solely by IHFA's Invitation dated May
13, 2009. The offer is not being made to holders in any jurisdiction in which
the making or acceptance thereof would not be in compliance with the Bonds,
blue sky or other laws of such jurisdiction. In any jurisdiction in which the
offer is required to be made by a licensed broker or dealer, it shall be
deemed to be made on behalf of IHFA by the Dealer Manager.
Neither IHFA, the Dealer Manager, or the Depositary and Information Agent
makes any recommendation as to whether or not holders should sell Bonds
pursuant to the Invitation, and no one has been authorized by any of them to
make such a recommendation. Holders must make their own decision as to
whether to sell Bonds, and if so, the principal amount of Bonds to sell.
SOURCE Idaho Housing and Finance Association
Tom Long of D.F. King & Co., Inc., +1-212-269-5550, tlong@dfking.com, for
Idaho Housing and Finance Association
