By Sheri Kasprzak
New York, April 13 - The City of Virginia Beach, Va., sold $84.63 million of series 2012 general obligation public improvement bonds, according to a pricing sheet.
The bonds (Aaa/AAA/AAA) were sold competitively with J.P. Morgan Securities LLC winning the bid.
The deal included $65 million of series 2012A G.O. public improvement bonds and $19.63 million of series 2012B G.O. public improvement refunding bonds.
The 2012A bonds are due 2013 to 2032 with 4% to 5% coupons. The 2012B bonds are due 2019 to 2025 with 5% coupons.
Proceeds will be used to fund capital improvement projects and refund existing G.O. bonds.
| Issuer: | Virginia Beach, Va.
|
| Issue: | Series 2012 general obligation public improvement bonds
|
| Amount: | $84.63 million
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | April 4
|
| Settlement date: | April 18
|
|
|
| $65 million series 2012A G.O. public improvement bonds
|
| Amount Maturity | Type | Coupon Price
|
| $3.25 million | 2013 | Serial | 5% | 104.537
|
| $3.25 million | 2014 | Serial | 5% | 108.918
|
| $3.25 million | 2015 | Serial | 5% | 112.889
|
| $3.25 million | 2016 | Serial | 5% | 116.224
|
| $3.25 million | 2017 | Serial | 5% | 119.227
|
| $3.25 million | 2018 | Serial | 5% | 121.127
|
| $3.25 million | 2019 | Serial | 5% | 122.729
|
| $3.25 million | 2020 | Serial | 5% | 123.778
|
| $3.25 million | 2021 | Serial | 5% | 124.571
|
| $3.25 million | 2022 | Serial | 5% | 125.005
|
| $3.25 million | 2023 | Serial | 5% | 123.394
|
| $3.25 million | 2024 | Serial | 5% | 122.103
|
| $3.25 million | 2025 | Serial | 5% | 120.925
|
| $3.25 million | 2026 | Serial | 5% | 119.858
|
| $3.25 million | 2027 | Serial | 4% | 108.011
|
| $3.25 million | 2028 | Serial | 4% | 107.3
|
| $3.25 million | 2029 | Serial | 4% | 106.683
|
| $3.25 million | 2030 | Serial | 4.5% | 110.824
|
| $3.25 million | 2031 | Serial | 4.5% | 110.286
|
| $3.25 million | 2032 | Serial | 4.5% | 109.752
|
|
|
| $19.63 million series 2012B public improvement refunding bonds
|
| Amount Maturity | Type | Coupon Price
|
| $2.15 million | 2019 | Serial | 5% | 122.729
|
| $2,155,000 | 2020 | Serial | 5% | 123.778
|
| $2.16 million | 2021 | Serial | 5% | 124.571
|
| $5.34 million | 2022 | Serial | 5% | 125.005
|
| $2.17 million | 2023 | Serial | 5% | 123.394
|
| $2.84 million | 2024 | Serial | 5% | 122.103
|
| $2,815,000 | 2025 | Serial | 5% | 120.925
|
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