Published on 2/10/2016 in the Prospect News Municipals Daily.
New Issue: Commonwealth Transportation, Va., prices $75.83 million refunding bonds
By Sheri Kasprzak
New York, Feb. 10 – The Commonwealth Transportation Board of Virginia sold $75,825,000 of series 2016 transportation program and revenue refunding bonds, said a pricing sheet.
The deal included $10.1 million of series 2016A Oak Grove Connector bonds, $13.87 million of series 2016B Northern Virginia Transportation Project bonds and $51,855,000 of series 2016C U.S. Route 58 Corridor Development Program bonds.
The 2016A bonds are due 2017 to 2022 with 5% coupons and yields from 0.45% to 1.15%.
The 2016B bonds are due 2018 to 2019 and 2023 to 2026 with 2% to 5% coupons and 0.60% to 1.77% yields.
The 2016C bonds are due 2021 to 2026 with 5% coupons and yields from 0.95% to 1.77%.
The bonds (Aa1/AA+/AA+) were sold competitively. The issuer did not return calls for the winning bidder Wednesday.
Proceeds will be used to refund existing bonds and finance transportation improvements.
| Issuer: | Commonwealth Transportation Board
|
| Issue: | Series 2016 transportation program and revenue refunding bonds
|
| Amount: | $75,825,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 24
|
|
|
| $10.1 million series 2016A Oak Grove Connector bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,485,000 | 2017 | Serial | 5% | 105.551 | 0.45%
|
| $1.56 million | 2018 | Serial | 5% | 109.709 | 0.60%
|
| $1.64 million | 2019 | Serial | 5% | 113.687 | 0.70%
|
| $1.72 million | 2020 | Serial | 5% | 117.413 | 0.80%
|
| $1.8 million | 2021 | Serial | 5% | 120.595 | 0.95%
|
| $1,895,000 | 2022 | Serial | 5% | 123.062 | 1.15%
|
|
|
| $13.87 million series 2016B Northern Virginia Transportation Program bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,715,000 | 2018 | Serial | 5% | 109.709 | 0.60%
|
| $1,805,000 | 2019 | Serial | 5% | 113.687 | 0.70%
|
| $1.8 million | 2023 | Serial | 2% | 104.6 | 1.33%
|
| $1,835,000 | 2024 | Serial | 5% | 126.985 | 1.50%
|
| $3,275,000 | 2025 | Serial | 5% | 128.555 | 1.65%
|
| $3.44 million | 2026 | Serial | 5% | 130.086 | 1.77%
|
|
|
| $51,855,000 series 2016C U.S. Route 58 Corridor Development Program bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,645,000 | 2021 | Serial | 5% | 120.595 | 0.95%
|
| $3.83 million | 2022 | Serial | 5% | 123.062 | 1.15%
|
| $17,365,000 | 2023 | Serial | 5% | 125.199 | 1.33%
|
| $18.23 million | 2024 | Serial | 5% | 126.985 | 1.50%
|
| $4,285,000 | 2025 | Serial | 5% | 128.555 | 1.65%
|
| $4.5 million | 2026 | Serial | 5% | 130.086 | 1.77%
|
|
|
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