Published on 2/14/2013 in the Prospect News Municipals Daily.
New Issue: Virginia brings $236.23 million of series 2013 G.O. bonds
By Sheri Kasprzak
New York, Feb. 14 - The Commonwealth of Virginia sold $236.23 million of series 2013 general obligation bonds, according to a pricing sheet.
The deal included $18.47 million of series 2013A G.O. bonds and $217.76 million of series 2013B G.O. refunding bonds.
The 2013A bonds are due 2014 to 2033 with 2% to 5% coupons.
The 2013B bonds are due 2016 to 2017 and 2019 to 2030 with coupons from 3% to 5%.
The bonds (Aaa/AAA/AAA) were sold competitively with BofA Merrill Lynch winning the bid at a 2.096%, said Janet Aylor, assistant debt management director for the commonwealth's treasury department.
Proceeds will be used to finance revenue producing capital projects at various higher educational institutions within the commonwealth, as well as to refund existing G.O.s.
| Issuer: | Commonwealth of Virginia
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $236.23 million
|
| Type: | Competitive
|
| Underwriters: | BofA Merrill Lynch (winner)
|
| True interest cost: | 2.096%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | Feb. 14
|
| Settlement date: | March 6
|
|
|
| $18.47 million series 2013A G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $620,000 | 2014 | Serial | 2% | 102.158
|
| $630,000 | 2015 | Serial | 5% | 110.3
|
| $660,000 | 2016 | Serial | 5% | 114.322
|
| $695,000 | 2017 | Serial | 5% | 118.099
|
| $730,000 | 2018 | Serial | 5% | 121.208
|
| $770,000 | 2019 | Serial | 5% | 123.713
|
| $805,000 | 2020 | Serial | 5% | 125.55
|
| $845,000 | 2021 | Serial | 5% | 127.019
|
| $890,000 | 2022 | Serial | 5% | 128.29
|
| $935,000 | 2023 | Serial | 5% | 129.141
|
| $975,000 | 2024 | Serial | 2% | 100
|
| $1 million | 2025 | Serial | 2% | 98.392
|
| $1.02 million | 2026 | Serial | 2.25% | 99.091
|
| $1,045,000 | 2027 | Serial | 2.25% | 97.488
|
| $1,065,000 | 2028 | Serial | 2.5% | 98.374
|
| $1,095,000 | 2029 | Serial | 2.75% | 99.478
|
| $1,125,000 | 2030 | Serial | 3% | 101.32
|
| $1,155,000 | 2031 | Serial | 3% | 100.877
|
| $1.19 million | 2032 | Serial | 3% | 100.436
|
| $1.22 million | 2033 | Serial | 3% | 100
|
|
|
| $217.76 million series 2013B G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.4 million | 2016 | Serial | 5% | 114.322
|
| $9,705,000 | 2017 | Serial | 5% | 118.099
|
| $16.25 million | 2019 | Serial | 5% | 123.577
|
| $16.64 million | 2020 | Serial | 5% | 125.393
|
| $17,025,000 | 2021 | Serial | 5% | 126.93
|
| $17.43 million | 2022 | Serial | 4% | 119.674
|
| $28,435,000 | 2023 | Serial | 4% | 119.757
|
| $28.84 million | 2024 | Serial | 4% | 118.427
|
| $38,595,000 | 2025 | Serial | 4% | 117.415
|
| $21.99 million | 2026 | Serial | 4% | 116.116
|
| $9,485,000 | 2027 | Serial | 4% | 114.539
|
| $1,605,000 | 2028 | Serial | 3% | 103.299
|
| $1,655,000 | 2029 | Serial | 3% | 102.755
|
| $1,705,000 | 2030 | Serial | 3% | 102.214
|
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