By Sheri Kasprzak
New York, July 8 - The Virgin Islands Public Finance Authority sold $387.505 million in series 2010 revenue bonds on Thursday, said a pricing sheet. The authority originally planned to sell $396.265 million.
The deal included $291.605 million in series 2010A senior-lien revenue bonds (Baa2/BBB/BBB+) and $95.9 million in series 2010B subordinate-lien revenue bonds (Baa2/BBB-/BBB).
The 2010A bonds are due 2012 to 2017 with term bonds due 2020, 2025 and 2029. The coupons range from 4% to 5%. The 2020 bonds have a 5% coupon and priced at 106.410. The 2025 bonds have a 5% coupon and priced at 100.628, and the 2029 bonds have a 5% coupon and priced at 98.776.
The 2010B bonds are due 2020, 2025 and 2029. The 2020 bonds have a 4.25% coupon and priced at 98.206. The 2025 bonds have a 5% coupon and priced at 98.734. The 2029 bonds have a 5.25% coupon and priced at 99.393.
Jefferies & Co. and Citigroup Global Markets Inc. were the lead managers. The co-managers were J.P. Morgan Securities Inc., Rice Financial Products Co. and Bostonia Global Securities LLC.
Proceeds will be used for working capital and to refinance a portion of a working capital credit facility.
| Issuer: | Virgin Islands Public Finance Authority
|
| Issue: | Series 2010 revenue bonds
|
| Amount: | $387.505 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and Citigroup Global Markets Inc. (leads); J.P. Morgan Securities Inc., Rice Financial Products Co. and Bostonia Global Securities LLC (co-managers)
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB (for 2010A) and BBB- (for 2010B)
|
| Fitch: BBB+ (for 2010A) and BBB (for 2010B)
|
| Pricing date: | July 8
|
| Settlement date: | July 15
|
|
|
| Series 2010A
|
| Maturity | Type | Coupon | Price
|
| 2012 | Serial | 4% | 104.037
|
| 2013 | Serial | 4% | 104.818
|
| 2014 | Serial | 4% | 105.016
|
| 2015 | Serial | 5% | 109.073
|
| 2016 | Serial | 5% | 108.477
|
| 2017 | Serial | 5% | 107.894
|
| 2020 | Term | 5% | 106.410
|
| 2025 | Term | 5% | 100.628
|
| 2029 | Term | 5% | 98.776
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Price
|
| 2020 | Term | 4.25% | 98.206
|
| 2025 | Term | 5% | 98.734
|
| 2029 | Term | 5.25% | 99.393
|
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