Published on 10/5/2011 in the Prospect News Municipals Daily.
New Issue: Virginia Public Building Authority sells $298.5 million revenue bonds
By Sheri Kasprzak
New York, Oct. 5 - The Virginia Public Building Authority priced on Wednesday $298.5 million of series 2011 public facilities revenue bonds, according to a pricing sheet.
The bonds were sold competitively with Bank of America Merrill Lynch winning the bid.
The sale included $280 million of series 2011A bonds and $18.5 million of series 2011B taxable bonds.
The 2011B bonds are due 2012 to 2027 with term bonds due in 2029 and 2031. The serial coupons range from 2% to 3.75%. The 2029 bonds have a 4.125% coupon priced at 99.558, and the 2031 bonds have a 4.25% coupon priced at 99.201.
Proceeds will be used to fund capital projects.
| Issuer: | Virginia Public Building Authority
|
| Issue: | Series 2011 public facilities revenue bonds
|
| Amount: | $298.5 million
|
| Type: | Competitive
|
| Underwriter: | Bank of America Merrill Lynch (winner)
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 19
|
|
|
| $280 million series 2011A bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8.545 million | 2012 | Serial | 4% | 102.948
|
| $8.895 million | 2013 | Serial | 4% | 106.113
|
| $9.305 million | 2014 | Serial | 5% | 111.536
|
| $9.785 million | 2015 | Serial | 5% | 114.331
|
| $10.285 million | 2016 | Serial | 5% | 116.094
|
| $10.815 million | 2017 | Serial | 5% | 117.498
|
| $11.37 million | 2018 | Serial | 5% | 118.311
|
| $11.95 million | 2019 | Serial | 5% | 118.355
|
| $12.565 million | 2020 | Serial | 5% | 118.303
|
| $13.21 million | 2021 | Serial | 5% | 118.803
|
| $13.89 million | 2022 | Serial | 5% | 119.118
|
| $14.6 million | 2023 | Serial | 5% | 118.957
|
| $15.345 million | 2024 | Serial | 5% | 118.643
|
| $16.135 million | 2025 | Serial | 5% | 119.067
|
| $16.96 million | 2026 | Serial | 5% | 118.722
|
| $17.74 million | 2027 | Serial | 4% | 102.353
|
| $18.465 million | 2028 | Serial | 4% | 101.218
|
| $19.215 million | 2029 | Serial | 4% | 100
|
| $20 million | 2030 | Serial | 4% | 98.693
|
| $20.925 million | 2031 | Serial | 5% | 116.12
|
|
|
| $18.5 million series 2011B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $700,000 | 2012 | Serial | 2% | 101.21
|
| $715,000 | 2013 | Serial | 2% | 102.389
|
| $730,000 | 2014 | Serial | 2% | 102.709
|
| $740,000 | 2015 | Serial | 2% | 102.537
|
| $760,000 | 2016 | Serial | 2.5% | 103.939
|
| $780,000 | 2017 | Serial | 3% | 105.77
|
| $805,000 | 2018 | Serial | 3% | 104.307
|
| $830,000 | 2019 | Serial | 3% | 102.728
|
| $855,000 | 2020 | Serial | 3% | 101.701
|
| $880,000 | 2021 | Serial | 3% | 99.744
|
| $905,000 | 2022 | Serial | 3.125% | 99.498
|
| $935,000 | 2023 | Serial | 3.25% | 99.705
|
| $970,000 | 2024 | Serial | 3.35% | 99.687
|
| $1 million | 2025 | Serial | 3.5% | 99.671
|
| $1.04 million | 2026 | Serial | 3.65% | 99.656
|
| $1.075 million | 2027 | Serial | 3.75% | 99.641
|
| $2.29 million | 2029 | Term | 4.125% | 99.558
|
| $2.49 million | 2031 | Term | 4.25% | 99.201
|
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