By Sheri Kasprzak
New York, Aug. 27 – The Virgin Islands Public Finance Authority sold $49.64 million of series 2014A revenue bonds, according to a pricing sheet. The offering was downsized from $53 million.
The bonds (/BBB+/BBB) were sold through lead managers Jefferies & Co. and Bostonia Global Securities LLC.
The serial bonds are due 2015 to 2019 with term bonds due in 2024, 2029 and 2034. The serial bonds have 5% coupons. The 2024 bonds have a 5% coupon priced at 113.546, and the 2029 bonds have a 5% coupon priced at 109.523. The 2034 bonds have a 5% coupon priced at 107.362.
Proceeds will be used to finance a loan to the government for operating expenses.
| Issuer: | Virgin Island Public Finance Authority
|
| Issue: | Series 2014A revenue bonds
|
| Amount: | $49.64 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. and Bostonia Global Securities LLC (lead)
|
| Ratings: | Standard & Poor’s: BBB+
|
| Fitch: BBB
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 5
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.48 million | 2015 | Serial | 5% | 104.309
|
| $1.56 million | 2016 | Serial | 5% | 107.753
|
| $1,635,000 | 2017 | Serial | 5% | 110.31
|
| $1.72 million | 2018 | Serial | 5% | 112.091
|
| $1.81 million | 2019 | Serial | 5% | 113.11
|
| $10,535,000 | 2024 | Term | 5% | 113.546
|
| $13.53 million | 2029 | Term | 5% | 109.523
|
| $17.37 million | 2034 | Term | 5% | 107.362
|
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