By Cristal Cody
Springdale, Ark., April 15 - The Virginia Public Building Authority priced $58.995 million public facilities revenue refunding bonds with a 2.538% true interest cost on Tuesday, the issuer told Prospect News.
The series 2008A bonds (/AA+/AA+) priced with a 5% coupon to yield 1.84% in 2009 to 2.76% in 2012, said Evelyn Whitley, director of debt management for the state treasurer's office, which oversees the building authority.
Lehman Brothers won the bidding out of 11 bids in the competitive sale, she said.
Proceeds will be used to refund the 2009 to 2013 maturities from the $60.775 million series 1998A public facilities revenue refunding bonds. The bonds will be redeemed on Aug. 1, 2008.
| Issuer: | Virginia Public Building Authority
|
| Issue: | Public facilities revenue refunding bonds
|
| Amount: | $58.995 million
|
| Type: | Competitive
|
| True interest cost: | 2.538%
|
| Coupon: | 5%
|
| Yields: | 1.84% to 2.76%
|
| Maturities: | 2009 to 2012
|
| Underwriter: | Lehman Brothers
|
| Ratings: | Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | April 15
|
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