Published on 11/27/2012 in the Prospect News Municipals Daily.
New Issue: Virginia Resources Authority brings $53.77 million of revenue bonds
By Sheri Kasprzak
New York, Nov. 27 - The Virginia Resources Authority priced $53.77 million of series 2012C infrastructure and state moral obligation revenue bonds, said a pricing sheet.
The deal included $1,465,000 of AMT state moral obligation bonds, $15,375,000 of non-AMT state moral obligation bonds, $2.89 million of AMT infrastructure bonds and $34.04 million of non-AMT infrastructure bonds.
The AMT state moral obligation bonds are due 2013 to 2022 with 2% to 3% coupons.
The non-AMT state moral obligation bonds are due 2013 to 2031 with term bonds due in 2034 and 2042. The serial coupons range from 2% to 4%. The 2034 bonds have a 3% coupon priced at 99.045. The 2042 bonds have a 3.125% coupon priced at 97.618.
The AMT infrastructure bonds are due 2013 to 2022 with coupons from 2% to 4%.
The non-AMT infrastructure bonds are due 2013 to 2032 with term bonds due in 2037 and 2042. The serial coupons range from 2% to 5%. The 2037 bonds have a 3% coupon priced at 98.271, and the 2042 bonds have a 3% coupon priced at 97.106.
The bonds (Aa2/AA/) were sold through Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
Proceeds will be used to purchase obligations issued by local governments to make capital improvements.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2012C infrastructure and state moral obligation revenue bonds
|
| Amount: | $53.77 million
|
| Type: | Negotiated
|
| Underwriters: | Bank of America Merrill Lynch and J.P. Morgan Securities LLC (lead)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 6
|
|
|
| $1,465,000 AMT state moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $170,000 | 2013 | Serial | 2.5% | 101.844
|
| $230,000 | 2014 | Serial | 3% | 104.436
|
| $155,000 | 2015 | Serial | 3% | 106.091
|
| $155,000 | 2016 | Serial | 3% | 107.436
|
| $40,000 | 2017 | Serial | 3% | 108.346
|
| $105,000 | 2018 | Serial | 3% | 109.211
|
| $105,000 | 2019 | Serial | 3% | 109.25
|
| $105,000 | 2020 | Serial | 3% | 108.878
|
| $80,000 | 2021 | Serial | 2% | 99.918
|
| $320,000 | 2022 | Serial | 3% | 107.174
|
|
|
| $15,375,000 non-AMT state moral obligation bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $410,000 | 2013 | Serial | 2% | 101.531
|
| $555,000 | 2014 | Serial | 2% | 102.836
|
| $485,000 | 2015 | Serial | 2% | 103.963
|
| $520,000 | 2016 | Serial | 3% | 108.758
|
| $545,000 | 2017 | Serial | 3% | 110.353
|
| $705,000 | 2018 | Serial | 3% | 111.435
|
| $755,000 | 2019 | Serial | 4% | 118.422
|
| $760,000 | 2020 | Serial | 4% | 119.056
|
| $740,000 | 2021 | Serial | 4% | 119.29
|
| $770,000 | 2022 | Serial | 4% | 119.471
|
| $675,000 | 2023 | Serial | 4% | 118.378
|
| $700,000 | 2024 | Serial | 2% | 98.017
|
| $685,000 | 2025 | Serial | 2.125% | 98.054
|
| $670,000 | 2026 | Serial | 2.25% | 98.118
|
| $705,000 | 2027 | Serial | 2.375% | 98.206
|
| $1,025,000 | 2028 | Serial | 3% | 103.648
|
| $560,000 | 2029 | Serial | 3% | 102.677
|
| $1.12 million | 2030 | Serial | 3% | 102.152
|
| $535,000 | 2031 | Serial | 3% | 101.63
|
| $1.47 million | 2034 | Term | 3% | 99.045
|
| $985,000 | 2042 | Term | 3.125% | 97.618
|
|
|
| $2.89 million AMT infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $390,000 | 2013 | Serial | 2% | 101.44
|
| $560,000 | 2014 | Serial | 3% | 104.63
|
| $360,000 | 2015 | Serial | 4% | 109.314
|
| $380,000 | 2016 | Serial | 3% | 108.035
|
| $90,000 | 2017 | Serial | 2% | 104.332
|
| $255,000 | 2018 | Serial | 3% | 110.107
|
| $255,000 | 2019 | Serial | 4% | 116.834
|
| $245,000 | 2020 | Serial | 3% | 110.04
|
| $175,000 | 2021 | Serial | 3% | 109.312
|
| $180,000 | 2022 | Serial | 3% | 108.567
|
|
|
| $34.04 million non-AMT infrastructure bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $925,000 | 2013 | Serial | 3% | 102.478
|
| $1.32 million | 2014 | Serial | 3% | 105.118
|
| $1,155,000 | 2015 | Serial | 4% | 110.256
|
| $1.22 million | 2016 | Serial | 5% | 117.073
|
| $1,295,000 | 2017 | Serial | 5% | 120.634
|
| $1.69 million | 2018 | Serial | 5% | 123.906
|
| $1,765,000 | 2019 | Serial | 5% | 126.233
|
| $1.81 million | 2020 | Serial | 5% | 128.047
|
| $1,725,000 | 2021 | Serial | 5% | 128.969
|
| $1,795,000 | 2022 | Serial | 5% | 130.064
|
| $1,655,000 | 2023 | Serial | 4% | 119.172
|
| $1,655,000 | 2024 | Serial | 4% | 117.983
|
| $1.56 million | 2025 | Serial | 2% | 97.763
|
| $1.59 million | 2026 | Serial | 5% | 126.725
|
| $1.66 million | 2027 | Serial | 4% | 114.785
|
| $1,705,000 | 2028 | Serial | 4% | 114.215
|
| $1,295,000 | 2029 | Serial | 5% | 124.892
|
| $1.93 million | 2030 | Serial | 3% | 102.59
|
| $1,255,000 | 2031 | Serial | 4% | 112.059
|
| $1.2 million | 2032 | Serial | 4% | 111.504
|
| $2.49 million | 2037 | Term | 3% | 98.271
|
| $1,345,000 | 2042 | Term | 3% | 97.106
|
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