By Sheri Kasprzak
New York, Nov. 3 - The Virginia Resources Authority sold $225.98 million of series 2011 revenue bonds, according to a pricing sheet.
The offering included $129.66 million of series 2011B tax-exempt infrastructure bonds (Aaa/AAA/), $27.75 million of series 2011B taxable infrastructure bonds (Aaa/AAA/), $55.635 million of series 2011B tax-exempt state moral obligation bonds (Aa2/AA/) and $12.935 million of series 2011B taxable state moral obligation bonds (Aa2/AA/).
The 2011B tax-exempt infrastructure bonds are due 2012 to 2033 with term bonds due in 2036 and 2041. The serial coupons range from 2% to 5%. The 2036 bonds have a 5% coupon priced at 110.481. The 2041 bonds have a 5% coupon priced at 110.044.
The 2011B taxable infrastructure bonds are due 2026, 2031 and 2041. The 2026 bonds have a 4.046% coupon priced at par, and the 2031 bonds have a 4.353% coupon priced at par. The 2041 bonds have a 4.653% coupon priced at par.
The 2011B tax-exempt state moral obligation bonds are due 2012 to 2027 with term bonds due in 2031, 2036 and 2041. The serial coupons range from 2% to 5%. The 2031 bonds have a 4% coupon priced at 98.913, and the 2036 bonds have a 4% coupon priced at 97.225. The 2041 bonds have a split maturity with a 4% coupon priced at 96.112 and a 4.2% coupon priced at 99.491.
The 2011B taxable state moral obligation bonds are due in 2026, 2031 and 2041. The 2026 bonds have a 4.496% coupon priced at par. The 2031 bonds have a 4.753% coupon priced at par, and the 2041 bonds have a 5.053% coupon priced at par.
Morgan Keegan & Co. Inc. and J.P. Morgan Securities LLC were the lead managers for the tax-exempt bonds and Citigroup Global Markets Inc. was the senior manager for the taxable bonds. The co-managers for the tax-exempt bonds were BB&T Capital Markets, Bank of America Merrill Lynch and Fidelity Capital Markets LLC. The co-managers for the taxable bonds were Loop Capital Markets LLC and Morgan Stanley & Co. LLC.
Proceeds will be used to acquire or purchase series 2011B local obligations issued by or entered into by certain local governments to finance or refinance qualified projects, as well as to make a deposit to a capital reserve fund.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2011 revenue bonds
|
| Amount: | $225.98 million
|
| Type: | Negotiated
|
| Underwriters: | Morgan Keegan & Co. Inc. and J.P. Morgan Securities LLC (lead for tax-exempt bonds), Citigroup Global Markets Inc. (lead for taxable bonds), BB&T Capital Markets LLC, Bank of America Merrill Lynch and Fidelity Capital Markets LLC (co-managers for tax-exempt bonds), Loop Capital Markets LLC and Morgan Stanley & Co. LLC (co-managers for taxable bonds)
|
| Ratings: | Moody's: Aaa (for state moral obligation bonds); Aa2 (for infrastructure bonds)
|
| Standard & Poor's: AAA (for state moral obligation bonds); AA (for infrastructure bonds)
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 16
|
|
|
| $129.66 million series 2011B tax-exempt infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.24 million | 2012 | Serial | 2% | 101.673
|
| $605,000 | 2013 | Serial | 3% | 104.885
|
| $3.32 million | 2013 | Serial | 5% | 108.778
|
| $3.13 million | 2014 | Serial | 3% | 106.691
|
| $1.03 million | 2014 | Serial | 5% | 112.536
|
| $2.7 million | 2015 | Serial | 3% | 107.702
|
| $2.86 million | 2015 | Serial | 5% | 115.443
|
| $6.375 million | 2016 | Serial | 4% | 113.026
|
| $875,000 | 2017 | Serial | 2% | 102.839
|
| $5.59 million | 2017 | Serial | 5% | 119.877
|
| $6.58 million | 2018 | Serial | 3% | 108.155
|
| $1.685 million | 2019 | Serial | 3% | 107.246
|
| $4.645 million | 2019 | Serial | 4% | 114.567
|
| $4.65 million | 2020 | Serial | 4% | 113.951
|
| $1.7 million | 2021 | Serial | 4% | 114.001
|
| $4.885 million | 2021 | Serial | 5% | 122.808
|
| $6.575 million | 2022 | Serial | 5% | 121.131
|
| $7.68 million | 2023 | Serial | 5% | 119.771
|
| $8.095 million | 2024 | Serial | 5% | 118.429
|
| $8.105 million | 2025 | Serial | 5% | 117.293
|
| $7.74 million | 2026 | Serial | 5% | 116.263
|
| $5.755 million | 2027 | Serial | 5% | 115.244
|
| $4.095 million | 2028 | Serial | 5% | 114.327
|
| $3.08 million | 2029 | Serial | 5% | 113.419
|
| $3.235 million | 2030 | Serial | 5% | 112.788
|
| $3.39 million | 2031 | Serial | 5% | 112.161
|
| $2.95 million | 2032 | Serial | 5% | 111.539
|
| $2.015 million | 2033 | Serial | 5% | 111.097
|
| $4.665 million | 2036 | Term | 5% | 110.481
|
| $9.41 million | 2041 | Term | 5% | 110.044
|
|
|
| $27.75 million series 2011B taxable infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $4.04 million | 2026 | Term | 4.046% | 100
|
| $6.145 million | 2031 | Term | 4.353% | 100
|
| $17.565 million | 2041 | Term | 4.653% | 100
|
|
|
| $55.635 million series 2011B tax-exempt state moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $895,000 | 2012 | Serial | 2% | 101.625
|
| $1.725 million | 2013 | Serial | 4% | 106.467
|
| $405,000 | 2014 | Serial | 3% | 106.146
|
| $1.325 million | 2014 | Serial | 4% | 109.06
|
| $2.42 million | 2015 | Serial | 4% | 110.792
|
| $685,000 | 2016 | Serial | 2.5% | 104.907
|
| $1.91 million | 2016 | Serial | 4% | 112.055
|
| $425,000 | 2017 | Serial | 3% | 107.395
|
| $2.265 million | 2017 | Serial | 4% | 113.04
|
| $200,000 | 2018 | Serial | 3% | 106.8
|
| $2.575 million | 2018 | Serial | 5% | 119.755
|
| $575,000 | 2019 | Serial | 2.5% | 102.105
|
| $2.15 million | 2019 | Serial | 5% | 120.257
|
| $175,000 | 2020 | Serial | 2.5% | 100.239
|
| $1.81 million | 2020 | Serial | 5% | 120.219
|
| $1.32 million | 2021 | Serial | 3% | 103.222
|
| $1.38 million | 2021 | Serial | 5% | 120.643
|
| $1.52 million | 2022 | Serial | 4% | 110.364
|
| $1.195 million | 2022 | Serial | 5% | 119.002
|
| $3.235 million | 2023 | Serial | 5% | 117.387
|
| $400,000 | 2024 | Serial | 4.25% | 109.697
|
| $3.005 million | 2024 | Serial | 5% | 116.077
|
| $105,000 | 2025 | Serial | 4% | 106.511
|
| $3.295 million | 2025 | Serial | 5% | 114.968
|
| $2.295 million | 2026 | Serial | 3.5% | 98.394
|
| $910,000 | 2026 | Serial | 5% | 113.963
|
| $2.435 million | 2027 | Serial | 5% | 112.788
|
| $5.87 million | 2031 | Term | 4% | 98.913
|
| $4.125 million | 2036 | Term | 4% | 97.225
|
| $3.995 million | 2041 | Term | 4% | 96.112
|
| $1.01 million | 2041 | Term | 4.2% | 99.491
|
|
|
| $12.935 million series 2011B taxable state moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.735 million | 2026 | Term | 4.496% | 100
|
| $2.635 million | 2031 | Term | 4.753% | 100
|
| $8.565 million | 2041 | Term | 5.053% | 100
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
