Published on 5/30/2013 in the Prospect News Municipals Daily.
New Issue: Virginia Resources Authority prices $104.41 million of clean water revenue bonds
By Sheri Kasprzak
New York, May 30 - The Virginia Resources Authority sold $104.41 million of series 2013 clean water state revolving fund revenue refunding bonds, said a pricing sheet. The deal was downsized from $155.62 million.
The bonds (Aaa/AAA/AAA) were sold through senior manager Jefferies & Co.
The bonds are due 2018 to 2025 with a term bond due in 2013. The serial bonds have 5% coupons. The 2013 bonds have a 1% coupon priced at 100.218.
Proceeds will be used to refund the authority's series 2007 bonds.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2013 clean water state revolving fund revenue refunding bonds
|
| Amount: | $104.41 million
|
| Type: | Negotiated
|
| Underwriters: | Jefferies & Co. (lead), BofA Merrill Lynch, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC (co-managers)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | May 30
|
| Settlement date: | June 20
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $970,000 | 2013 | Term | 1% | 100.218
|
| $12,005,000 | 2018 | Serial | 5% | 119.838
|
| $12,705,000 | 2019 | Serial | 5% | 121.369
|
| $13,085,000 | 2020 | Serial | 5% | 122.506
|
| $13,185,000 | 2021 | Serial | 5% | 123.129
|
| $14,355,000 | 2022 | Serial | 5% | 123.385
|
| $12,165,000 | 2023 | Serial | 5% | 124.28
|
| $12,695,000 | 2024 | Serial | 5% | 122.74
|
| $13,245,000 | 2025 | Serial | 5% | 121.726
|
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