Published on 5/31/2012 in the Prospect News Municipals Daily.
New Issue: Commonwealth Transportation, Va., brings $600 million of revenue bonds
By Sheri Kasprzak
New York, May 31 - The Commonwealth Transportation Board of Virginia sold $600 million of series 2012 transportation capital projects revenue bonds, according to a pricing sheet.
The bonds (//AA+) were sold on a competitive basis with Citigroup Global Markets Inc. winning the bid with a 3.36% true interest cost, said Tamara Rollison, spokeswoman for the Virginia Department of Transportation.
The bonds are due 2013 to 2034 with a term bond due in 2037. The serial coupons range from 3% to 5%. The 2037 bonds have a 4% coupon priced at 102.387.
Proceeds will be used to finance transportation capital projects.
| Issuer: | Commonwealth Transportation Board, Va.
|
| Issue: | Series 2012 transportation capital projects revenue bonds
|
| Amount: | $600 million
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (winner)
|
| TIC: | 3.36%
|
| Ratings: | Fitch: AA+
|
| Pricing date: | May 31
|
| Settlement date: | June 14
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $14,365,000 | 2013 | Serial | 3% | 102.57
|
| $13,485,000 | 2014 | Serial | 4% | 106.876
|
| $14.02 million | 2015 | Serial | 5% | 112.745
|
| $14,725,000 | 2016 | Serial | 5% | 116.637
|
| $15.46 million | 2017 | Serial | 5% | 119.525
|
| $16.23 million | 2018 | Serial | 5% | 121.905
|
| $17,045,000 | 2019 | Serial | 5% | 123.512
|
| $17,895,000 | 2020 | Serial | 5% | 124.52
|
| $18.79 million | 2021 | Serial | 5% | 125.322
|
| $19.73 million | 2022 | Serial | 5% | 126.355
|
| $20,715,000 | 2023 | Serial | 5% | 126.49
|
| $21,755,000 | 2024 | Serial | 5% | 127.049
|
| $22.84 million | 2025 | Serial | 5% | 127.454
|
| $23.98 million | 2026 | Serial | 4% | 111.913
|
| $24.94 million | 2027 | Serial | 5% | 128.659
|
| $26.19 million | 2028 | Serial | 5% | 128.997
|
| $27.5 million | 2029 | Serial | 5% | 129.326
|
| $28,875,000 | 2030 | Serial | 5% | 129.511
|
| $30,315,000 | 2031 | Serial | 5% | 129.557
|
| $31,835,000 | 2032 | Serial | 4% | 107.424
|
| $33,105,000 | 2033 | Serial | 4% | 106.449
|
| $34.43 million | 2034 | Serial | 4% | 105.247
|
| $111,775,000 | 2037 | Term | 4% | 102.387
|
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