By Cristal Cody
Springdale, Ark., June 6 - The Virginia Resources Authority priced $71.34 million infrastructure revenue bonds for the Virginia Pooled Financing Program with 4.24% and 4.265% true interest costs, the issuer said Friday.
The $48.89 million series 2008A senior bonds (Aaa/AAA/) priced with a 4.24% true interest cost, said Sheryl Bailey, executive director.
The bonds priced with 3% to 5% coupons to yield 1.75% to 4.66%.
The $22.45 million series 2008A subordinate bonds (Aa2/AA/) priced with a 4.265% true interest cost, she said.
The bonds priced with 2.5% to 4.625% coupons to yield 1.9% to 4.71%.
Nearly 30% of the senior bonds and 68.5% of the subordinate bonds also were sold in retail orders, Bailey said.
Both series have serial maturities from Nov. 1, 2008 through Nov. 1, 2038.
Morgan Keegan & Co. was the senior manager of the negotiated sale. Co-managers included BB&T Capital Markets, Loop Capital Markets and Wachovia Bank.
Proceeds will fund loans to eight municipal participants for a variety of projects and to refund a portion of the authority's series 1997 and 1998 bonds.
| Issuer: | Virginia Resources Authority/Virginia Pooled Financing Program
|
| Issue: | Infrastructure revenue bonds
|
| Amount: | $71.34 million
|
| Type: | Negotiated
|
| Maturities: | 2008 to 2038
|
| Underwriter: | Morgan Keegan & Co. (lead)
|
| Pricing date: | June 5
|
|
|
| Senior bonds
|
| Issue: | Series 2008A senior bonds
|
| Amount: | $48.89 million
|
| True interest cost: | 4.24%
|
| Coupons: | 3% to 5%
|
| Yields: | 1.75% to 4.66%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Subordinate bonds
|
| Issue: | Series 2008A subordinate bonds
|
| Amount: | $22.45 million
|
| True interest cost: | 4.265%
|
| Coupons: | 2.5% to 4.625%
|
| Yields: | 1.9% to 4.71%
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
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