By Sheri Kasprzak
New York, May 11 - The City of Virginia Beach, Va., priced $60 million in series 2010A general obligation public improvement bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold competitively with Wells Fargo Securities LLC winning the bid.
The offering included $27 million in series 2010A-1 bonds and $33 million in series 2010A-2 Build America Bonds.
The 2010A-1 bonds are due 2011 to 2019 with coupons from 3% to 5%. The 2010A-2 bonds are due 2020 to 2025 with a term bond due 2030. The serial coupons range from 4.15% to 4.65%, all priced at par. The 2030 bonds have a 5.2% coupon, priced at par.
Government Finance Associates Inc. was the financial adviser.
Proceeds will be used to fund capital improvements.
| Issuer: | Virginia Beach, Va.
|
| Issue: | Series 2010A general obligation public improvement bonds
|
| Amount: | $60 million
|
| Type: | Competitive
|
| Underwriter: | Wells Fargo Securities LLC (winner)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | May 11
|
| Settlement date: | May 25
|
|
|
| Series 2010A-1
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 3% | 102.17
|
| 2012 | Serial | 4% | 106.002
|
| 2013 | Serial | 3% | 105.12
|
| 2014 | Serial | 3% | 105.412
|
| 2015 | Serial | 5% | 114.864
|
| 2016 | Serial | 5% | 115.296
|
| 2017 | Serial | 5% | 115.891
|
| 2018 | Serial | 5% | 116.545
|
| 2019 | Serial | 5% | 116.889
|
|
|
| Series 2010A-2
|
| Maturity | Type | Coupon | Price
|
| 2020 | Serial | 4.15% | 100
|
| 2021 | Serial | 4.25% | 100
|
| 2022 | Serial | 4.35% | 100
|
| 2023 | Serial | 4.45% | 100
|
| 2024 | Serial | 4.55% | 100
|
| 2025 | Serial | 4.65% | 100
|
| 2030 | Term | 5.2% | 100
|
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