Published on 6/10/2015 in the Prospect News Municipals Daily.
New Issue: Virginia Beach Development prices $83.13 million public facility bonds
By Sheri Kasprzak
New York, June 10 – The Virginia Beach Development Authority of Virginia sold $83.13 million of series 2015 public facility revenue bonds, according to a pricing sheet.
The deal included $48,245,000 of series 2015A bonds and $34,885,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2035 with 2% to 5% coupons and 0.4% to 3.77% yields.
The 2015B bonds are due 2019 to 2027 with 4% to 5% coupons and yields from 1.53% to 3%.
The bonds (Aa2/AA+/AA) were sold competitively.
Proceeds will be used to finance capital improvements for the city.
| Issuer: | Virginia Beach Development Authority
|
| Issue: | Series 2015 public facility revenue bonds
|
| Amount: | $83.13 million
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA+
|
| Fitch: AA
|
| Pricing date: | June 10
|
| Settlement date: | June 25
|
|
|
| $48,245,000 series 2015A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.67 million | 2016 | Serial | 2% | 101.09 | 0.40%
|
| $3,195,000 | 2017 | Serial | 5% | 107.059 | 0.77%
|
| $3,195,000 | 2018 | Serial | 5% | 110.17 | 1.14%
|
| $3,195,000 | 2019 | Serial | 5% | 112.647 | 1.46%
|
| $3.2 million | 2020 | Serial | 5% | 114.647 | 1.73%
|
| $3.2 million | 2021 | Serial | 5% | 116.038 | 2.00%
|
| $3.2 million | 2022 | Serial | 5% | 117.243 | 2.21%
|
| $3.2 million | 2023 | Serial | 5% | 118.525 | 2.35%
|
| $1,925,000 | 2024 | Serial | 5% | 119.401 | 2.50%
|
| $1,925,000 | 2025 | Serial | 5% | 120.045 | 2.64%
|
| $1.93 million | 2026 | Serial | 3% | 99.634 | 3.04%
|
| $1.93 million | 2027 | Serial | 3% | 98.54 | 3.15%
|
| $1.93 million | 2028 | Serial | 3.125% | 98.603 | 3.26%
|
| $1.93 million | 2029 | Serial | 3.25% | 98.366 | 3.40%
|
| $1.93 million | 2030 | Serial | 3.375% | 98.232 | 3.53%
|
| $1,935,000 | 2031 | Serial | 3.5% | 98.805 | 3.60%
|
| $1,935,000 | 2032 | Serial | 3.5% | 98.134 | 3.65%
|
| $1.94 million | 2033 | Serial | 3.625% | 99.157 | 3.69%
|
| $1.94 million | 2034 | Serial | 3.625% | 98.592 | 3.73%
|
| $1.94 million | 2035 | Serial | 3.75% | 99.719 | 3.77%
|
|
|
| $34,885,000 series 2015B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $4.09 million | 2019 | Serial | 5% | 113.593 | 1.53%
|
| $4.29 million | 2020 | Serial | 5% | 115.448 | 1.79%
|
| $4.52 million | 2021 | Serial | 5% | 116.655 | 2.06%
|
| $5.26 million | 2024 | Serial | 5% | 119.876 | 2.53%
|
| $5,535,000 | 2025 | Serial | 5% | 120.427 | 2.67%
|
| $5.79 million | 2026 | Serial | 4% | 109.991 | 2.85%
|
| $5.4 million | 2027 | Serial | 4% | 108.623 | 3.00%
|
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