New Issue: Commonwealth Transportation, Va., prices $50.62 million of Route 28 refunding bonds

By Sheri Kasprzak

New York, May 9 - The Commonwealth Transportation Board of Virginia sold $50.62 million of series 2012 Route 28 transportation revenue refunding bonds, according to a pricing sheet.

The bonds (Aa1/AA+/AA+) were sold competitively. The issuer did not return calls on Wednesday for the winning bidder.

The bonds are due 2013 to 2018 and 2028 to 2032 with coupons from 2% to 5%.

Proceeds will be used to refund the board's series 2002 contract revenue refunding bonds and a portion of the board's series 2002 contract revenue bonds, which were used to make improvements to Route 28, a north-south state highway that passes through Fairfax and Loudoun counties and connects Route 7 in the north with the Dulles, Greenway, Route 50 and Interstate 66 in the south, passing through the Washington Dulles International Airport.

Issuer:	Commonwealth Transportation Board, Va.
Issue:	Series 2012 Route 28 transportation revenue refunding bonds
Amount:	$50.62 million
Type:	Competitive
Ratings:	Moody's: Aa1
	Standard & Poor's: AA+
	Fitch: AA+
Pricing date:	May 9
Settlement date:	May 23
Amount	Maturity	Type	Coupon	Price
$5.64 million	2013	Serial	2%	101.546
$5.43 million	2014	Serial	3%	104.896
$5.6 million	2015	Serial	4%	109.82
$5.82 million	2016	Serial	4%	112.571
$6,055,000	2017	Serial	5%	119.54
$6,355,000	2018	Serial	5%	122.31
$2,945,000	2028	Serial	3%	100
$3.03 million	2029	Serial	3%	98.692
$3,125,000	2030	Serial	4%	108.296
$3,245,000	2031	Serial	4%	107.766
$3,375,000	2032	Serial	3.125%	98.323

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