By Sheri Kasprzak
New York, May 19 - The Virginia Resources Authority priced $80.285 million of series 2011 infrastructure and state moral obligation revenue bonds, according to pricing sheets.
The sale included four tranches - $50.795 million of series 2011A tax-exempt infrastructure bonds, $6.455 million of series 2011A taxable infrastructure bonds, $20.245 million of series 2011A tax-exempt moral obligation bonds and $2.79 million of series 2011A taxable moral obligation bonds.
The bonds (Aaa) were sold through J.P. Morgan Securities LLC. The co-managers were BB&T Capital Markets LLC, Wells Fargo Securities LLC and Siebert Brandford Shank & Co. LLC.
The 2011A tax-exempt infrastructure bonds are due 2011 to 2031 with a term bond due in 2041. The serial coupons range from 2% to 5%. The 2041 bonds have a 4.5% coupon priced at 98.69.
The 2011A taxable infrastructure bonds are due 2021 and 2031 with 3.8% and 5.1% coupons, respectively, both priced at par.
The 2011A tax-exempt state moral obligation bonds are due 2011 to 2031 with a term bond due 2041. The serial coupons range from 2% to 5%. The 2041 bonds have a 4.5% coupon priced at 96.463.
The 2011A taxable moral obligation bonds are due 2021 and 2031 with a 3.95% coupon priced at par for the 2021 maturity and a 5.25% coupon priced at 99.746.
Proceeds will be used to provide funds for the authority's capital reserve fund, as well as to refund the City of Hampton's series 2002 convention center revenue bonds.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2011 infrastructure and state moral obligation revenue bonds
|
| Amount: | $80.285 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), BB&T Capital Markets LLC, Wells Fargo Securities LLC, Siebert Brandford Shank & Co. LLC (co-managers)
|
| Rating: | Moody's: Aaa
|
| Pricing date: | May 19
|
| Settlement date: | June 2
|
|
|
| $50.795 million series 2011A tax-exempt infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $160,000 | 2011 | Serial | 2% | 100.723
|
| $365,000 | 2012 | Serial | 2% | 102.253
|
| $550,000 | 2013 | Serial | 2% | 103.179
|
| $1.385 million | 2013 | Serial | 3% | 105.569
|
| $2.03 million | 2014 | Serial | 5% | 113.535
|
| $2.24 million | 2015 | Serial | 5% | 116.1
|
| $2.275 million | 2016 | Serial | 5% | 118.533
|
| $2.39 million | 2017 | Serial | 5% | 119.167
|
| $2.55 million | 2018 | Serial | 5% | 119.736
|
| $2.675 million | 2019 | Serial | 5% | 119.7
|
| $2.81 million | 2020 | Serial | 5% | 119.924
|
| $2.95 million | 2021 | Serial | 5% | 120.051
|
| $3.095 million | 2022 | Serial | 5% | 118.263
|
| $3.265 million | 2023 | Serial | 5% | 116.603
|
| $3.445 million | 2024 | Serial | 5% | 115.066
|
| $3.595 million | 2025 | Serial | 5% | 113.648
|
| $3.755 million | 2026 | Serial | 5% | 112.435
|
| $3.905 million | 2027 | Serial | 5% | 111.513
|
| $4.11 million | 2028 | Serial | 5% | 110.691
|
| $895,000 | 2029 | Serial | 4% | 100
|
| $615,000 | 2030 | Serial | 4% | 98.799
|
| $640,000 | 2031 | Serial | 4% | 97.675
|
| $1.095 million | 2041 | Term | 4.5% | 98.69
|
|
|
| $6.455 million series 2011A taxable infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.48 million | 2021 | Term | 3.8% | 100
|
| $3.975 million | 2031 | Term | 5.1% | 100
|
|
|
| $20.245 million series 2011A tax-exempt moral obligation bonds
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 100.681
|
| 2012 | Serial | 2% | 102.082
|
| 2013 | Serial | 2% | 102.935
|
| 2013 | Serial | 4% | 107.709
|
| 2014 | Serial | 2% | 102.973
|
| 2014 | Serial | 4% | 109.654
|
| 2015 | Serial | 3% | 106.78
|
| 2015 | Serial | 4% | 111.044
|
| 2016 | Serial | 3% | 107.124
|
| 2016 | Serial | 4% | 112.287
|
| 2017 | Serial | 4% | 111.981
|
| 2018 | Serial | 4% | 111.597
|
| 2018 | Serial | 5% | 118.38
|
| 2019 | Serial | 4% | 110.676
|
| 2019 | Serial | 5% | 118.196
|
| 2020 | Serial | 4% | 110.042
|
| 2020 | Serial | 5% | 118.274
|
| 2021 | Serial | 4% | 109.353
|
| 2022 | Serial | 3% | 98.569
|
| 2022 | Serial | 5% | 116.506
|
| 2023 | Serial | 4% | 105.762
|
| 2023 | Serial | 5% | 114.876
|
| 2024 | Serial | 5% | 113.367
|
| 2025 | Serial | 3.5% | 97.888
|
| 2026 | Serial | 4% | 101.531
|
| 2026 | Serial | 5% | 110.782
|
| 2027 | Serial | 5% | 109.876
|
| 2028 | Serial | 5% | 109.068
|
| 2029 | Serial | 4% | 98.459
|
| 2030 | Serial | 4% | 97.23
|
| 2031 | Serial | 4.125% | 97.767
|
| 2041 | Term | 4.5% | 96.463
|
|
|
| $2.79 million series 2011A taxable moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1.08 million | 2021 | Term | 3.95% | 100
|
| $1.71 million | 2031 | Term | 5.25% | 99.746
|
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