Published on 4/15/2015 in the Prospect News Municipals Daily.
New Issue: Virginia prices $261.9 million of general obligation bonds
By Sheri Kasprzak
New York, April 15 – The Commonwealth of Virginia sold $261,905,000 of series 2015 general obligation bonds, according to a term sheet. The offering size was cut from $280,465,000.
The bonds (Aaa/AAA/AAA) were sold competitively.
The deal included $47.62 million of series 2015A bonds and $214,285,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2035 with 2% to 5% coupons and 0.22% to 3.238% yields.
The 2015B bonds are due 2018 to 2037 with 3% to 5% coupons and 0.8% to 3.22% yields.
Proceeds will be used to finance revenue-producing projects at higher education institutions within the commonwealth and to refund existing G.O. debt.
| Issuer: | Commonwealth of Virginia
|
| Issue: | Series 2015 general obligation bonds
|
| Amount: | $261,905,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
| Fitch: AAA
|
| Pricing date: | April 15
|
| Settlement date: | May 6
|
|
|
| $47.62 million series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $580,000 | 2016 | Serial | 2% | 101.9 | 0.22%
|
| $1.59 million | 2017 | Serial | 4% | 107.11 | 0.54%
|
| $1.65 million | 2018 | Serial | 5% | 112.643 | 0.82%
|
| $1,735,000 | 2019 | Serial | 5% | 115.694 | 1.05%
|
| $1,815,000 | 2020 | Serial | 5% | 118.526 | 1.22%
|
| $1.91 million | 2021 | Serial | 5% | 121.005 | 1.38%
|
| $2,005,000 | 2022 | Serial | 5% | 122.94 | 1.56%
|
| $2,105,000 | 2023 | Serial | 5% | 124.783 | 1.70%
|
| $2,205,000 | 2024 | Serial | 5% | 126.378 | 1.83%
|
| $2,315,000 | 2025 | Serial | 5% | 127.971 | 1.93%
|
| $2,435,000 | 2026 | Serial | 5% | 126.61 | 2.06%
|
| $2,555,000 | 2027 | Serial | 5% | 125.575 | 2.16%
|
| $2,685,000 | 2028 | Serial | 5% | 124.347 | 2.28%
|
| $2.82 million | 2029 | Serial | 4% | 112.52 | 2.58%
|
| $2,935,000 | 2030 | Serial | 4% | 111.861 | 2.65%
|
| $3,045,000 | 2031 | Serial | 3% | 100 | 3.00%
|
| $3.14 million | 2032 | Serial | 4% | 110.372 | 2.81%
|
| $3.27 million | 2033 | Serial | 3% | 98 | 3.146%
|
| $3.36 million | 2034 | Serial | 3% | 97.5 | 3.176%
|
| $3,465,000 | 2035 | Serial | 3% | 96.5 | 3.238%
|
|
|
| $214,285,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $7,895,000 | 2018 | Serial | 4% | 109.683 | 0.80%
|
| $14.38 million | 2019 | Serial | 4% | 111.594 | 1.08%
|
| $14.53 million | 2020 | Serial | 4% | 113.466 | 1.25%
|
| $14.68 million | 2021 | Serial | 5% | 120.941 | 1.39%
|
| $14.98 million | 2022 | Serial | 5% | 122.865 | 1.57%
|
| $15.28 million | 2023 | Serial | 5% | 124.954 | 1.68%
|
| $15.6 million | 2024 | Serial | 5% | 126.569 | 1.81%
|
| $15,935,000 | 2025 | Serial | 5% | 128.182 | 1.91%
|
| $26,855,000 | 2026 | Serial | 5% | 126.819 | 2.04%
|
| $29,805,000 | 2027 | Serial | 5% | 125.782 | 2.14%
|
| $21.09 million | 2028 | Serial | 5% | 124.551 | 2.26%
|
| $5,385,000 | 2029 | Serial | 5% | 123.839 | 2.33%
|
| $5.65 million | 2030 | Serial | 3% | 100 | 3.00%
|
| $5.82 million | 2031 | Serial | 3% | 99.367 | 3.05%
|
| $3.24 million | 2032 | Serial | 3% | 98.68 | 3.10%
|
| $2.1 million | 2033 | Serial | 3% | 98.214 | 3.13%
|
| $255,000 | 2034 | Serial | 3% | 97.86 | 3.15%
|
| $265,000 | 2035 | Serial | 3% | 97.4488 | 3.17%
|
| $270,000 | 2036 | Serial | 3% | 96.95 | 3.20%
|
| $270,000 | 2037 | Serial | 3% | 96.542 | 3.22%
|
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