Virginia Housing Development Authority ("VHDA") invited beneficial owners ("Bondholders") to offer to sell to VHDA for cash, upon the terms and subject to the conditions set forth in the Invitation dated October 16, 2009 (the "Invitation"), certain of its Commonwealth Mortgage Bonds listed in the Invitation (the "Bonds").
Subsequent Offer Period
VHDA announced today that it has determined the Purchase Prices at which it expects to purchase certain series, subseries and maturities of the Bonds. A list of these Bonds can be found on the website of the Information Agent (http://www.dfking.com/vhda). Bondholders who offered these Bonds at Offer Prices that exceeded the determined Purchase Prices are invited to submit amended offers to sell their previously offered Bonds at the Purchase Prices. To be effective, an amended offer must be received by the Depositary prior to 5:00 p.m., New York City time, on Monday, November 16, 2009.
Amendment of Expiration Time
VHDA also announced today that, based on current market conditions, it has not yet received offers that it expects to accept with respect to certain series, subseries and maturities of the Bonds. A list of these Bonds can also be found on the website of the Information Agent (http://www.dfking.com/vhda). VHDA has extended the Expiration Time for these Bonds to 5:00 p.m., New York City time, on Monday, November 16, 2009. Bondholders are invited to submit offers to sell such Bonds up to this amended Expiration Time.
All other terms and conditions set forth in the Invitation shall remain unchanged. This announcement 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 and at http://www.dfking.com/vhda.