Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Chesapeake, Va., prices $50.76 million 2012 general obligation bonds
By Sheri Kasprzak
New York, March 21 - The City of Chesapeake, Va., sold $50,755,000 of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $8,135,000 of series 2012A G.O. public improvement refunding bonds, $16.96 million of series 2012B G.O. water and sewer refunding bonds and $25.66 million of series 2012C taxable G.O. school refunding bonds.
The 2012A bonds are due 2013 to 2024 with 2% to 4% coupons. The 2012B bonds are due 2024 and 2029 to 2033. The serial coupons range from 3.5% to 5%. The 2024 bonds have a 4% coupon priced at 109.863. The 2012C bonds are due 2014 and 2015 with 0.679% and 0.95% coupons, both priced at par.
The bonds (Aa1//AAA) were sold through Wells Fargo Securities LLC.
Proceeds will be used to advance refund existing bonds for a debt service savings.
| Issuer: | City of Chesapeake, Va.
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $50,755,000
|
| Type: | Negotiated
|
| Underwriter: | Wells Fargo Securities LLC
|
| Ratings: | Moody's: Aa1
|
| Fitch AAA
|
| Pricing date: | March 21
|
| Settlement date: | April 17
|
|
|
| $8,135,000 series 2012A G.O. public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $75,000 | 2013 | Serial | 2% | 101.983
|
| $75,000 | 2014 | Serial | 2% | 103.252
|
| $80,000 | 2015 | Serial | 2% | 103.998
|
| $785,000 | 2016 | Serial | 2% | 104.314
|
| $800,000 | 2017 | Serial | 2% | 104.261
|
| $820,000 | 2018 | Serial | 3% | 108.534
|
| $845,000 | 2019 | Serial | 3% | 107.902
|
| $870,000 | 2020 | Serial | 2% | 99.245
|
| $895,000 | 2021 | Serial | 4% | 113.813
|
| $930,000 | 2022 | Serial | 4% | 113.479
|
| $960,000 | 2023 | Serial | 3% | 102.401
|
| $1 million | 2024 | Serial | 4% | 111.593
|
|
|
| $16.96 million series 2012B G.O. water and sewer refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,115,000 | 2024 | Term | 4% | 109.863
|
| $2,695,000 | 2029 | Serial | 5% | 116.112
|
| $2,825,000 | 2030 | Serial | 5% | 115.549
|
| $2.97 million | 2031 | Serial | 5% | 115.081
|
| $250,000 | 2032 | Serial | 3.5% | 96.762
|
| $2.87 million | 2032 | Serial | 4% | 103.364
|
| $35,000 | 2033 | Serial | 3.625% | 97.613
|
| $3.2 million | 2033 | Serial | 4% | 102.595
|
|
|
| $25.66 million series 2012C taxable G.O. school refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $13,115,000 | 2014 | Serial | 0.679% | 100
|
| $12,545,000 | 2015 | Serial | 0.95% | 100
|
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