By Cristal Cody
Springdale, Ark., April 29 - Virginia Beach, Va., priced $51.625 million general obligation public improvement refunding bonds with a 2.878% true interest cost on Tuesday, the issuer told Prospect News.
The series 2008A bonds (Aa1/AAA/AA+) priced with 3.5% to 5% coupons to yield 1.885% to 3.33%, said Richard Dunford, debt manager for the city's finance department.
The bonds have maturities from Oct. 1, 2008 through Oct. 1, 2015.
Banc of America Securities LLC was the successful bidder in the competitive sale, Dunford said.
Proceeds will be used to refund the maturities due Aug.1, 2008 through Aug. 1, 2015 from the city's series 1998 general obligation refunding bonds.
| Issuer: | Virginia Beach, Va.
|
| Issue: | Series 2008A general obligation public improvement refunding bonds
|
| Amount: | $51.625 million
|
| Type: | Competitive
|
| True interest cost: | 2.878%
|
| Maturities: | 2008 through 2015
|
| Underwriter: | Banc of America Securities LLC
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | April 29
|
|
|
| Maturity | Coupon | Yield
|
| 2008 | 5% | 1.885%
|
| 2009 | 5% | 2.75%
|
| 2010 | 5% | 2.46%
|
| 2011 | 5% | 2.72%
|
| 2012 | 5% | 2.95%
|
| 2013 | 4% | 3.05%
|
| 2014 | 3.5% | 3.19%
|
| 2015 | 3.5% | 3.33%
|
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