Published on 7/15/2009 in the Prospect News Municipals Daily.
New Issue: Arlington County, Va., prices $80.48 million G.O. bonds at 3.07% TIC
By Aaron Hochman-Zimmerman
New York, July 15 - Arlington County, Va., priced $80.48 million in general obligation public improvement and refunding bonds (Aaa/AAA/AAA) at a true interest cost of 3.07%, according to Sarah Greear, a Public Financial Management Inc. senior managing consultant.
The $54.115 million 2009A bonds due 2010 to 2029 and the $7.4 million 2009B bonds due 2010 to 2014 were sold to retail investors. Morgan Stanley & Co. Inc. led the selling group along with Wells Fargo Brokerage Services LLC, Edward D. Jones & Co. LP and BB&T Capital Markets.
The auction for the $18.965 million series 2009C bonds due 2010 to 2013 was won by J.P. Morgan Securities Inc.
Public Financial Management acted as financial adviser.
Proceeds will be used to make public improvements to the county and refund existing debt.
The Arlington County seat is located in Arlington Va.
Issuer: Arlington County
| Amount: | $80.48 million
|
| Type: | Competitive
|
| True interest cost: | 3.07%
|
| Pricing date: | July 15
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Series 2009A
|
| Issue: | General obligation public improvement and refunding bonds
|
| Amount: | $54.115 million
|
| Maturities: | 2010 to 2029
|
| Underwriters: | Morgan Stanley & Co. Inc. led the selling group along with Wells Fargo Brokerage Services LLC, Edward D. Jones & Co. LP and BB&T Capital Markets
|
|
|
| Post-2004 refunding
|
| Maturity: | Amount: | Coupon: | Yield: | Price: | Call date: | Call price:
|
| Aug. 15, 2010 | $1, 517 | 1.000% | 0.35% | 100.675
|
| Aug. 15, 2011 | $1,161 | 2.000% | 0.75% | 102.527
|
| Aug. 15, 2016 | $2.825 million | 4.000% | 2.34% | 110.718
|
| Aug. 15, 2016 | $2.150 million | 5.000% | 2.34% | 117.175
|
| Aug. 15, 2017 | $4.970 million | 5.000% | 2.63% | 117.076
|
| Aug. 15, 2018 | $2.575 million | 3.000% | 2.84% | 101.142 | Aug. 15, 2017 | 100
|
| Aug. 15, 2018 | $2.375 million | 5.000% | 2.84% | 115.430 | Aug. 15, 2017 | 100
|
|
|
| County
|
| Aug. 15, 2010 | $309,483 | 1.000% | 0.35% | 100.675 |
|
| Aug. 15, 2011 | $618.839 | 2.000% | 0.75% | 102.527
|
| Aug. 15, 2012 | $775,000 | 2.250% | 0.95% | 103.888
|
| Aug. 15, 2013 | $775,000 | 3.000% | 1.35% | 106.468
|
| Aug. 15, 2014 | $775,000 | 2.250% | 1.79% | 102.207
|
| Aug. 15, 2015 | $775,000 | 5.000% | 2.06% | 116.620
|
| Aug. 15, 2016 | $445,000 | 4.000% | 2.34% | 110.718
|
| Aug. 15, 2016 | $330,000 | 5.000% | 2.34% | 117.175
|
| Aug. 15, 2017 | $775,000 | 5.000% | 2.63% | 117.076
|
| Aug. 15, 2018 | $400,000 | 3.000% | 2.84% | 101.142 | Aug. 15, 2017 | 100
|
| Aug. 15, 2018 | $375,000 | 5.000% | 2.84% | 115.430 | Aug. 15, 2017 | 100
|
| Aug. 15, 2019 | $775,000 | 4.000% | 3.01% | 107.023 | Aug. 15, 2017 | 100
|
| Aug. 15, 2020 | $775,000 | 3.125% | 3.16% | 99.674
|
| Aug. 15, 2021 | $775,000 | 5.000% | 3.31% | 111.845 | Aug. 15, 2017 | 100
|
| Aug. 15, 2022 | $775,000 | 5.000% | 3.45% | 110.802 | Aug. 15, 2017 | 100
|
| Aug. 15, 2023 | $775,000 | 5.000% | 3.57% | 109.918 | Aug. 15, 2017 | 100
|
| Aug. 15, 2024 | $475,000 | 3.625% | 3.67% | 99.482 |
|
| Aug. 15, 2024 | $300,000 | 4.000% | 3.67% | 102.278 | Aug. 15, 2017 | 100
|
| Aug. 15, 2025 | $775,000 | 5.000% | 3.75% | 108.607 | Aug. 15, 2017 | 100
|
| Aug. 15, 2026 | $775,000 | 5.000% | 3.83% | 108.030 | Aug. 15, 2017 | 100
|
| Aug. 15, 2027 | $775,000 | 5.000% | 3.91% | 107.457 | Aug. 15, 2017 | 100
|
| Aug. 15, 2028 | $770,000 | 4.000% | 4.00% | 100
|
| Aug. 15, 2029 | $770,000 | 4.000% | 4.09% | 98.775
|
|
|
| School
|
| Aug. 15, 2010 | $1.220 million | 1.000% | 0.35% | 100.675 |
|
| Aug. 15, 2011 | $1.220 million | 2.000% | 0.75% | 102.527
|
| Aug. 15, 2012 | $1.220 million | 2.250% | 0.95% | 103.888
|
| Aug. 15, 2013 | $1.220 million | 3.000% | 1.35% | 106.468
|
| Aug. 15, 2014 | $1.220 million | 2.250% | 1.79% | 102.207
|
| Aug. 15, 2015 | $1.220 million | 5.000% | 2.06% | 116.620
|
| Aug. 15, 2016 | $700,000 | 4.000% | 2.34% | 110.718
|
| Aug. 15, 2016 | $520,000 | 5.000% | 2.34% | 117.175
|
| Aug. 15, 2017 | $1.220 million | 5.000% | 2.63% | 117.076
|
| Aug. 15, 2018 | $635,000 | 3.000% | 2.84% | 101.142 | Aug. 15, 2017 | 100
|
| Aug. 15, 2018 | $585,000 | 5.000% | 2.84% | 115.430 | Aug. 15, 2017 | 100
|
| Aug. 15, 2019 | $1.220 million | 4.000% | 3.01% | 107.023 | Aug. 15, 2017 | 100
|
| Aug. 15, 2020 | $1.215 million | 3.125% | 3.16% | 99.674
|
| Aug. 15, 2021 | $1.215 million | 5.000% | 3.31% | 111.845 | Aug. 15, 2017 | 100
|
| Aug. 15, 2022 | $1.215 million | 5.000% | 3.45% | 110.802 | Aug. 15, 2017 | 100
|
| Aug. 15, 2023 | $1.215 million | 5.000% | 3.57% | 109.918 | Aug. 15, 2017 | 100
|
| Aug. 15, 2024 | $745,000 | 3.625% | 3.67% | 99.482
|
| Aug. 15, 2024 | $470,000 | 4.000% | 3.67% | 102.278 | Aug. 15, 2017 | 100
|
| Aug. 15, 2025 | $1.215 million | 5.000% | 3.75% | 108.607 | Aug. 15, 2017 | 100
|
| Aug. 15, 2026 | $1.215 million | 5.000% | 3.83% | 108.030 | Aug. 15, 2017 | 100
|
| Aug. 15, 2027 | $1.215 million | 5.000% | 3.91% | 107.457 | Aug. 15, 2017 | 100
|
| Aug. 15, 2028 | $1.215 million | 4.000% | 4.00% | 100 |
|
| Aug. 15, 2029 | $1.215 million | 4.000% | 4.00% | 98.775 |
|
|
|
| Series 2009B
|
| Issue: | General obligation refunding bonds
|
| Amount: | $7.4 million
|
| Maturities: | 2010 to 2014
|
| Underwriters: | Morgan Stanley & Co. Inc. led the selling group along with Wells Fargo Brokerage Services LLC, Edward D. Jones & Co. LP and BB&T Capital Markets
|
|
|
| Maturity: | Amount: | Coupon: | Yield: | Price: |
|
| Aug. 15, 2012 | $3.045 million | 4.000% | 0.95% | 109.122
|
| Aug. 15, 2013 | $1.475 million | 3.000% | 1.35% | 106.468
|
| Aug. 15, 2013 | $1.050 million | 5.000% | 1.35% | 114.309
|
| Aug. 15, 2014 | $1.830 million | 2.250% | 1.79% | 102.207
|
|
|
| Series 2009C
|
| Issue: | General obligation refunding bonds
|
| Amount: | $18.965 million
|
| Maturities: | 2010 to 2013
|
| Underwriters: | J.P. Morgan Securities Inc.
|
|
|
| Maturity: | Amount: | Coupon: | Yield: | Price: |
|
| Aug. 15, 2010 | $6.060 million | 2.000% | 0.43% | 101.629
|
| Aug. 15, 2011 | $3.425 million | 4.000% | 0.65% | 106.783
|
| Aug. 15, 2012 | $5.175 million | 4.000% | 0.85% | 109.438
|
| Aug. 15, 2013 | $4.305 million | 4.000% | 1.25% | 110.805
|
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