By Cristal Cody
Springdale, Ark., March 24 - The Economic Development Authority of Roanoke County, Va., released details from the sale of $58.595 million of lease revenue bonds, which priced with a 4.8151% true interest cost.
The series 2008 insured bonds (Aaa/AAA/AAA) were sold with serial maturities from Oct. 15, 2008 through Oct. 15, 2024 and term bonds due 2027, 2032 and 2037.
The bonds with serial maturities priced with 3% to 5% coupons to yield 2.25% to 4.69%.
The 2027 term bond priced with a 5% coupon to yield 4.92%; the 2032 term bond priced with a 5% coupon to yield 5.09%; and the 2037 term bond priced with a 5.125% coupon to yield 5.17%.
The bonds are insured by Assured Guaranty.
Davenport & Co. managed the negotiated sale.
Proceeds will be pooled with $11.2 million of county funds to construct a recreation facility, library, public works garage and fire station and to purchase police radio equipment.
| Issuer: | Economic Development Authority of Roanoke County, Va.
|
| Issue: | Lease revenue bonds
|
| Amount: | $58.595 million
|
| Type: | Negotiated
|
| Maturities: | 2008 through 2024, term bonds due 2027, 2032 and 2037
|
| Underwriter: | Davenport & Co.
|
| True interest cost: | 4.8151%
|
| Coupons: | 3% to 5.25%
|
| Yields: | 2.1% to 4.7%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | March 13
|
|
|
| Serial notes
|
| Maturity | Coupon | Yield
|
| 2008 | 3% | 2.25%
|
| 2009 | 3% | 2.27%
|
| 2010 | 3% | 2.44%
|
| 2011 | 3.25% | 2.65%
|
| 2012 | 3.25% | 2.92%
|
| 2013 | 3.5% | 3.08%
|
| 2014 | 3.5% | 3.28%
|
| 2015 | 3.5% | 3.45%
|
| 2016 | 5% | 3.61%
|
| 2017 | 4% | 3.76%
|
| 2018 | 4% | 3.92%
|
| 2019 | 4% | 4.12%
|
| 2020 | 4.125% | 4.24%
|
| 2021 | 5% | 4.36%
|
| 2022 | 5% | 4.48%
|
| 2023 | 5% | 4.59%
|
| 2024 | 5% | 4.69%
|
|
|
| Term notes
|
| Maturity | Coupon | Yield
|
| 2027 | 5% | 4.92%
|
| 2032 | 5% | 5.09%
|
| 2037 | 5.125% | 5.17%
|
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