Published on 4/23/2009 in the Prospect News Municipals Daily.
New Issue: Virginia Public School Authority prices $200.44 million at 3.688395% TIC
By Aaron Hochman-Zimmerman
New York, April 23 - The Virginia Public School Authority priced $200.435 million in series 2009B school financing bonds at a true interest cost of 3.688395% (Aa1/AA+/AA+), according to Evelyn Whitley, director of debt management.
Wachovia Securities Inc. acted as underwriter for the negotiated sale. Merrill Lynch & Co. Inc. acted as co-manager.
The bonds carry serial maturities from 2010 to 2029.
Proceeds will be used to purchase series 2009 local school bonds.
The Virginia Public School Authority is located in Richmond, Va.
| Issuer: | Virginia Public School Authority
|
| Issue: | Series 2009B school financing bonds
|
| Amount: | $200.435 million
|
| Maturities: | 2010 to 2029
|
| Type: | Negotiated
|
| True interest cost: | 3.688395%
|
| Underwriters: | Wachovia Securities Inc. (lead); Merrill Lynch & Co. (co-manager)
|
| Pricing date: | April 21
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
|
|
| Serial bonds
|
| Maturity | Amount | Coupon | Price
|
| Aug. 1, 2010 | $8.900 million | 5% | 105.016
|
| Aug. 1, 2011 | $8.985 million | 4% | 106.379
|
| Aug. 1, 2012 | $9.065 million | 4% | 108.454
|
| Aug. 1, 2013 | $9.165 million | 5% | 114.081
|
| Aug. 1, 2014 | $4.905 million | 2.5% | 102.822
|
| Aug. 1, 2014 | $4.340 million | 5% | 115.208
|
| Aug. 1, 2015 | $9.340 million | 5% | 116.349
|
| Aug. 1, 2016 | $2.880 million | 3% | 104.027
|
| Aug. 1, 2016 | $6.570 million | 5% | 117.239
|
| Aug. 1, 2017 | $9.570 million | 5% | 117.438
|
| Aug. 1, 2018 | $9.705 million | 5% | 117.342
|
| Aug. 1, 2019 | $9.830 million | 4% | 108.019
|
| Aug. 1, 2020 | $9.960 million | 5% | 114.750
|
| Aug. 1, 2021 | $10.105 million | 5% | 113.171
|
| Aug. 1, 2022 | $10.265 million | 5% | 111.799
|
| Aug. 1, 2023 | $10.440 million | 5% | 110.805
|
| Aug. 1, 2024 | $10.615 million | 5% | 109.734
|
| Aug. 1, 2025 | $10.785 million | 4% | 98.818
|
| Aug. 1, 2026 | $10.960 million | 5% | 107.540
|
| Aug. 1, 2027 | $11.150 million | 4.25% | 99.117
|
| Aug. 1, 2028 | $11.345 million | 5% | 106.335
|
| Aug. 1, 2029 | $11.555 million | 4.375% | 98.606
|
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