New Issue: Virginia Beach sells $90 million of G.O. public improvement bonds

By Sheri Kasprzak

New York, June 22 - The City of Virginia Beach priced $90 million of series 2011A general obligation public improvement bonds, said a pricing sheet.

The bonds (Aaa/AAA/AAA) were sold competitively. Calls to the issuer for the winner were not returned by press time Wednesday evening.

The bonds are due 2012 to 2031 with 3% to 5% coupons.

Proceeds will be used to finance capital improvements throughout the city.

Issuer:	City of Virginia Beach
Issue:	Series 2011A general obligation public improvement bonds
Amount:	$90 million
Type:	Competitive
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA
Pricing date:	June 22
Settlement date:	June 29
Amount	Maturity	Type	Coupon	Price
$4.5 million	2012	Serial	3%	NRO
$4.5 million	2013	Serial	3%	NRO
$4.5 million	2014	Serial	4%	NRO
$4.5 million	2015	Serial	5%	115.43
$4.5 million	2016	Serial	5%	118.109
$4.5 million	2017	Serial	5%	119.386
$4.5 million	2018	Serial	5%	120.017
$4.5 million	2019	Serial	5%	120.172
$4.5 million	2020	Serial	2.5%	NRO
$4.5 million	2021	Serial	2.6%	NRO
$4.5 million	2022	Serial	2.75%	NRO
$4.5 million	2023	Serial	3%	NRO
$4.5 million	2024	Serial	3.25%	NRO
$4.5 million	2025	Serial	3.4%	NRO
$4.5 million	2026	Serial	4%	104.243
$4.5 million	2027	Serial	4.5%	107.191
$4.5 million	2028	Serial	4.5%	105.993
$4.5 million	2029	Serial	5%	NRO
$4.5 million	2030	Serial	5%	NRO
$4.5 million	2031	Serial	4%	99.318

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