By Sheri Kasprzak
New York, Dec. 2 - The Virginia Public School Authority priced $118.93 million in series 2008B school financing bonds, according to an official statement released Tuesday.
The bonds (Aa1/AA+/AA+) were sold through senior manager Morgan Keegan & Co. with Davenport & Co., J.P. Morgan Securities Inc. and M.R. Beal & Co. as the co-managers.
The bonds are due 2009 to 2025 with term bonds due 2028 and 2033. The serials have coupons from 3.5% to 5.25% with yields from 1.08% to 5.1%. The 2028 bonds have a 5% coupon to yield 5.32%, and the 2033 bonds have a 5.25% coupon to yield 5.45%.
Proceeds will be used to build, renovate and equip school buildings throughout the commonwealth.
| Issuer: | Virginia Public School Authority
|
| Issue: | Series 2008B school financing bonds
|
| Amount: | $118.93 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. (lead); Davenport & Co.; J.P. Morgan Securities Inc.; M.R. Beal & Co. (co-managers)
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | Nov. 25
|
| Settlement date: | Dec. 11
|
|
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.08%
|
| 2010 | Serial | 5% | 2.23%
|
| 2011 | Serial | 5% | 2.47%
|
| 2012 | Serial | 3.5% | 2.81%
|
| 2013 | Serial | 4% | 3.04%
|
| 2014 | Serial | 4% | 3.24%
|
| 2015 | Serial | 4% | 3.45%
|
| 2016 | Serial | 5% | 3.69%
|
| 2017 | Serial | 5% | 3.93%
|
| 2018 | Serial | 5% | 4.13%
|
| 2019 | Serial | 5.25% | 4.38%
|
| 2020 | Serial | 5.25% | 4.62%
|
| 2021 | Serial | 5.25% | 4.75%
|
| 2022 | Serial | 5.25% | 4.85%
|
| 2023 | Serial | 5.25% | 4.94%
|
| 2024 | Serial | 5.25% | 5.02%
|
| 2025 | Serial | 5.25% | 5.10%
|
| 2028 | Term | 5% | 5.32%
|
| 2033 | Term | 5.25% | 5.45%
|
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