Published on 10/25/2012 in the Prospect News Municipals Daily.
New Issue: Chesapeake, Va., prices $160.92 million of transportation system toll road revenue bonds
By Sheri Kasprzak
New York, Oct. 25 - The City of Chesapeake, Va., priced $160,918,935 of series 2012 Chesapeake transportation system senior toll road revenue bonds, said a pricing sheet.
The deal included $107.89 million of series 2012A current interest bonds and $53,028,935 of series 2012B convertible capital appreciation bonds.
The 2012A bonds are due 2018 to 2027 with term bonds due in 2042 and 2047. The serial coupons range from 3% to 5%. The 2042 bonds have a 4.125% coupon priced at 99.065, and the 2047 bonds have a 5% coupon priced at 106.911.
The 2012B bonds are due in 2032 and 2040. The zero-coupon 2032 bonds are priced at 60.607, and the zero-coupon 2040 bonds are priced at 59.823.
The bonds (/BBB/BBB) were sold through Citigroup Global Markets Inc.
Proceeds will be used to finance the construction, acquisition, design, equipment and renovation of the city's transportation system, as well as to refund the city's series 1999A Chesapeake Expressway toll revenue bonds.
| Issuer: | City of Chesapeake, Va.
|
| Issue: | Series 2012 transportation system senior toll road revenue bonds
|
| Amount: | $160,918,935
|
| Type: | Negotiated
|
| Underwriters | Citigroup Global Markets Inc. (lead), J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Davenport & Co. LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 9
|
|
|
| $107.89 million series 2012A current interest bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $445,000 | 2018 | Serial | 3% | 104.673
|
| $1,575,000 | 2019 | Serial | 4% | 109.735
|
| $2,435,000 | 2020 | Serial | 4% | 108.945
|
| $3.3 million | 2021 | Serial | 5% | 116.153
|
| $4.13 million | 2022 | Serial | 5% | 116.124
|
| $4,975,000 | 2023 | Serial | 5% | 114.86
|
| $2,185,000 | 2024 | Serial | 4% | 105.41
|
| $2.4 million | 2025 | Serial | 4% | 104.82
|
| $2.5 million | 2026 | Serial | 4% | 104.233
|
| $2,585,000 | 2027 | Serial | 5% | 112.207
|
| $10 million | 2042 | Term | 4.125% | 99.065
|
| $71.36 million | 2047 | Term | 5% | 106.911
|
|
|
| $53,028,935 series 2012B convertible capital appreciation bonds
|
| Maturity | Type | Coupon | Price
|
| 2032 | Term | 0% | 60.607
|
| 2040 | Term | 0% | 59.823
|
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