Published on 8/27/2014 in the Prospect News Municipals Daily.
New Issue: Virginia Public Building brings to market $468.29 million revenue bonds
By Sheri Kasprzak
New York, Aug. 27 – The Virginia Public Building Authority sold $468.29 million of series 2014 revenue bonds, said a pricing sheet.
The offering included $129.17 million of series 2014A public facilities revenue bonds, $29,735,000 of series 2014B taxable public facilities revenue bonds and $309,385,000 of series 2014C public facilities refunding revenue bonds.
The 2014A bonds are due 2015 to 2034 with 3% to 5% coupons.
The 2014B bonds are due 2015 to 2034 with coupons from 0.20% to 3.77% all priced at par.
The 2014C bonds are due 2015 to 2027 with 3% to 5% coupons.
The bonds (Aa1/AA+/AA+) were sold competitively. BofA Merrill Lynch took the series 2014A and 2014C bonds at a 2.45% true interest cost. Wells Fargo Securities LLC won the series 2014B bonds at a 3.23% TIC.
Proceeds will be used to finance the construct, improvement, reconstruction and equipment of public facilities utilized by the commonwealth, including jail and juvenile correctional facilities.
| Issuer: | Virginia Public Building Authority
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $468.29 million
|
| Type: | Competitive
|
| Underwriters: | BofA Merrill Lynch (winner for 2014A and 2014C), Wells Fargo Securities LLC (for 2014B)
|
| TIC: | 2.45% (for 2014A and 2014C), 3.23% (for 2014B)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA+
|
| Fitch: AA+
|
| Pricing date: | Aug. 27
|
| Settlement date: | Sept. 17
|
|
|
| $129.17 million series 2014A public facilities revenue bonds
|
| Amount | Maturity | Type | Coupon | price
|
| $4,115,000 | 2015 | Serial | 5% | 104.243
|
| $4.22 million | 2016 | Serial | 5% | 108.767
|
| $4,345,000 | 2017 | Serial | 5% | 112.51
|
| $4.5 million | 2018 | Serial | 5% | 115.649
|
| $4.71 million | 2019 | Serial | 5% | 117.878
|
| $4.95 million | 2020 | Serial | 5% | 119.477
|
| $5,205,000 | 2021 | Serial | 5% | 120.739
|
| $5.47 million | 2022 | Serial | 5% | 121.748
|
| $5.75 million | 2023 | Serial | 5% | 122.725
|
| $6,045,000 | 2024 | Serial | 5% | 124.02
|
| $6,355,000 | 2025 | Serial | 5% | 122.828
|
| $6,685,000 | 2026 | Serial | 5% | 121.748
|
| $7,025,000 | 2027 | Serial | 5% | 120.969
|
| $7,385,000 | 2028 | Serial | 3% | 100
|
| $7,765,000 | 2029 | Serial | 3% | 99.403
|
| $8.16 million | 2030 | Serial | 4% | 108.131
|
| $8,535,000 | 2031 | Serial | 4% | 107.6
|
| $8,885,000 | 2032 | Serial | 4% | 107.073
|
| $9,295,000 | 2033 | Serial | 4% | 106.635
|
| $9.77 million | 2034 | Serial | 4% | 106.2
|
|
|
| $29,735,000 series 2014B taxable bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.2 million | 2015 | Serial | 0.20% | 100
|
| $1.2 million | 2016 | Serial | 0.60% | 100
|
| $1,215,000 | 2017 | Serial | 1.15% | 100
|
| $1.23 million | 2018 | Serial | 1.55% | 100
|
| $1.25 million | 2019 | Serial | 1.90% | 100
|
| $1,275,000 | 2020 | Serial | 2.18% | 100
|
| $1,305,000 | 2021 | Serial | 2.39% | 100
|
| $1.34 million | 2022 | Serial | 2.55% | 100
|
| $1,375,000 | 2023 | Serial | 2.70% | 100
|
| $1,415,000 | 2024 | Serial | 2.80% | 100
|
| $1,455,000 | 2025 | Serial | 2.97% | 100
|
| $1,545,000 | 2027 | Serial | 3.15% | 100
|
| $1,595,000 | 2028 | Serial | 3.25% | 100
|
| $1.65 million | 2029 | Serial | 3.35% | 100
|
| $1,705,000 | 2030 | Serial | 3.47% | 100
|
| $1.77 million | 2031 | Serial | 3.57% | 100
|
| $1,835,000 | 2032 | Serial | 3.67% | 100
|
| $1.9 million | 2033 | Serial | 3.72% | 100
|
| $1,975,000 | 2034 | Serial | 3.77% | 100
|
|
|
| $309,385,000 series 2014C public facilities refunding revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $21.17 million | 2015 | Serial | 5% | 104.243
|
| $36,975,000 | 2016 | Serial | 5% | 108.767
|
| $29.64 million | 2017 | Serial | 5% | 112.51
|
| $31.4 million | 2018 | Serial | 5% | 115.691
|
| $18.69 million | 2019 | Serial | 5% | 117.878
|
| $19,445,000 | 2020 | Serial | 5% | 119.477
|
| $11,565,000 | 2021 | Serial | 5% | 120.739
|
| $12,035,000 | 2022 | Serial | 5% | 121.748
|
| $17.65 million | 2023 | Serial | 5% | 122.725
|
| $30.85 million | 2024 | Serial | 5% | 124.02
|
| $32,115,000 | 2025 | Serial | 4% | 112.768
|
| $33.42 million | 2026 | Serial | 4% | 111.564
|
| $14.43 million | 2027 | Serial | 3% | 100.679
|
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