Published on 4/11/2012 in the Prospect News Municipals Daily.
New Issue: Virginia Small Business Financing sells $663.75 million Elizabeth River Crossings bonds
By Sheri Kasprzak
New York, April 11 - The Virginia Small Business Financing Authority came to market with $663.75 million of series 2012 senior lien revenue bonds for the Elizabeth River Crossings Operating Co. LLC, said a pricing sheet.
The bonds (/BBB-/BBB-) were sold through Barclays Capital Inc., Bank of America Merrill Lynch and BMO Capital Markets LLC.
The bonds are due 2022 to 2027 with term bonds due in 2032, 2037 and 2042. The serial coupons range from 4.25% to 5%. Yields range from 4.45% to 5%. The 2032 bonds have a 5.25% coupon priced at par, and the 2037 bonds have a 6% coupon to yield 5.32%. The 2042 bonds have a 5.5% coupon priced at par.
Proceeds will be used to finance the construction of highways and bridges to connect the cities of Portsmouth and Norfolk, including the design, construction, maintenance, operation and tolling of the New Midtown Tunnel and the New MLK Extension; the rehabilitation of the existing Midtown Tunnel and other tunnels; and the installation of all-electronic tolling devices for the project.
| Issuer: | Virginia Small Business Financing Authority/Elizabeth River Crossings Operating Co. LLC
|
| Issue: | Series 2012 senior lien revenue bonds
|
| Amount: | $663.75 million
|
| Type: | Negotiated
|
| Underwriters: | Barclays Capital Inc., Bank of America Merrill Lynch and BMO Capital Markets LLC (lead)
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Pricing date: | April 9
|
| Settlement date: | April 13
|
|
|
| Amount | Maturity | Type | Coupon | Yield
|
| $670,000 | 2022 | Serial | 4.25% | 4.45%
|
| $685,000 | 2023 | Serial | 4.5% | 4.60%
|
| $1,775,000 | 2023 | Serial | 5% | 4.60%
|
| $1.76 million | 2024 | Serial | 5% | 4.75%
|
| $2.9 million | 2024 | Serial | 5% | 4.75%
|
| $3.08 million | 2025 | Serial | 4.75% | 4.90%
|
| $4,875,000 | 2025 | Serial | 5% | 4.90%
|
| $5.29 million | 2026 | Serial | 5% | 4.95%
|
| $6.7 million | 2026 | Serial | 5% | 4.95%
|
| $6.15 million | 2027 | Serial | 5% | 5.00%
|
| $8.48 million | 2027 | Serial | 5% | 5.00%
|
| $91,795,000 | 2032 | Term | 5.25% | 5.25%
|
| $209,185,000 | 2037 | Term | 6% | 5.32%
|
| $320,405,000 | 2042 | Term | 5.5% | 5.50%
|
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