Published on 5/24/2012 in the Prospect News Municipals Daily.
New Issue: Virginia Resources Authority sells $298.02 million of revenue bonds
By Sheri Kasprzak
New York, May 24 - The Virginia Resources Authority came to market with $298,015,000 of series 2012 infrastructure and state moral obligation revenue bonds, according to a pricing sheet.
The deal included $204,975,000 of series 2012A infrastructure revenue bonds (Aaa/AAA/) and $93.04 million of series 2012B state moral obligation revenue bonds (Aa2/AA/).
The 2012A bonds are due 2012 to 2034 with a term bond due in 2042. The serial coupons range from 2% to 5%. The 2042 bonds have a 5% coupon priced at 114.649.
The 2012B bonds are due 2012 to 2033 with term bonds due in 2039 and 2042. The serial coupons range from 2% to 5%. The 2039 bonds have a 5% coupon priced at 112.961. The 2042 bonds have a 4% coupon priced at 100.419.
The bonds were sold through lead manager Wells Fargo Securities LLC. The co-managers were Bank of America Merrill Lynch, BB&T Capital Markets LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Siebert Brandford Shank & Co. LLC.
Proceeds will be used to purchase local obligations to finance or refinance qualified improvement projects.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2012 infrastructure and state moral obligation revenue bonds
|
| Amount: | $298,015,000
|
| Type: | Negotiated
|
| Underwriters: | Wells Fargo Securities LLC (lead); Bank of America Merrill Lynch, BB&T Capital Markets LLC, Citigroup Global Markets Inc., Goldman, Sachs & Co. and Siebert Brandford Shank & Co. LLC (co-managers)
|
| Ratings: | Moody's: Aaa (for 2012A), Aa2 (for 2012B)
|
| Standard & Poor's: AAA (for 2012A), (AA for 2012B)
|
| Pricing date: | May 23
|
| Settlement date: | June 13
|
|
|
|
|
| $204,975,000 series 2012A infrastructure revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4,365,000 | 2012 | Serial | 2% | NRO
|
| $5,565,000 | 2013 | Serial | 3% | NRO
|
| $5,715,000 | 2014 | Serial | 5% | 110.647
|
| $6,405,000 | 2015 | Serial | 5% | 114.532
|
| $6.66 million | 2016 | Serial | 5% | 118.196
|
| $6.1 million | 2017 | Serial | 5% | 120.97
|
| $5.64 million | 2018 | Serial | 5% | 123.213
|
| $5.85 million | 2019 | Serial | 5% | 124.69
|
| $7.62 million | 2020 | Serial | 5% | 125.414
|
| $6,325,000 | 2021 | Serial | 5% | 126.035
|
| $5.9 million | 2022 | Serial | 5% | 126.712
|
| $5,905,000 | 2023 | Serial | 5% | 125.335
|
| $5.72 million | 2024 | Serial | 5% | 124.079
|
| $5.82 million | 2025 | Serial | 5% | 123.044
|
| $5,495,000 | 2026 | Serial | 5% | 122.428
|
| $7,705,000 | 2027 | Serial | 5% | 121.612
|
| $8,065,000 | 2028 | Serial | 5% | 120.803
|
| $11,905,000 | 2029 | Serial | 5% | 120
|
| $12.39 million | 2030 | Serial | 5% | 119.601
|
| $13.04 million | 2031 | Serial | 5% | 118.906
|
| $13.52 million | 2032 | Serial | 5% | 118.315
|
| $13,925,000 | 2033 | Serial | 5% | 117.629
|
| $11.07 million | 2034 | Serial | 5% | 116.948
|
| $24.27 million | 2042 | Term | 5% | 114.649
|
|
|
|
|
| $93.04 million series 2012B state moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.88 million | 2012 | Serial | 2% | 100.631
|
| $300,000 | 2013 | Serial | 2% | 102.148
|
| $2,015,000 | 2013 | Serial | 4% | 104.903
|
| $2.4 million | 2014 | Serial | 3% | 105.792
|
| $2.68 million | 2015 | Serial | 5% | 114.063
|
| $2.82 million | 2016 | Serial | 2% | 104.497
|
| $3.74 million | 2017 | Serial | 5% | 119.809
|
| $1.48 million | 2018 | Serial | 2% | 103.651
|
| $900,000 | 2018 | Serial | 4% | 115.822
|
| $3.14 million | 2019 | Serial | 5% | 123.508
|
| $1 million | 2020 | Serial | 3% | 108.648
|
| $2,165,000 | 2020 | Serial | 5% | 124.092
|
| $2.69 million | 2021 | Serial | 2% | 99.32
|
| $2.49 million | 2022 | Serial | 4% | 116.323
|
| $2.47 million | 2023 | Serial | 5% | 123.353
|
| $2.42 million | 2024 | Serial | 5% | 121.815
|
| $2.64 million | 2025 | Serial | 5% | 120.803
|
| $2,365,000 | 2026 | Serial | 3% | 98.273
|
| $3.35 million | 2027 | Serial | 3% | 97.226
|
| $3,495,000 | 2028 | Serial | 3% | 96.101
|
| $1.02 million | 2029 | Serial | 3.25% | 98.428
|
| $4.11 million | 2029 | Serial | 5% | 117.824
|
| $5,275,000 | 2030 | Serial | 5% | 117.142
|
| $5,545,000 | 2031 | Serial | 5% | 116.465
|
| $340,000 | 2032 | Serial | 3.5% | 99.276
|
| $5,475,000 | 2032 | Serial | 5% | 115.888
|
| $5.94 million | 2033 | Serial | 4% | 102.13
|
| $13,465,000 | 2039 | Term | 5% | 112.961
|
| $5.43 million | 2042 | Term | 4% | 100.419
|
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