Published on 7/29/2014 in the Prospect News Municipals Daily.
New Issue: Virginia Resources brings to market $132.97 million of revenue bonds
By Sheri Kasprzak
New York, July 29 – The Virginia Resources Authority sold $132.97 million of series 2014B infrastructure and state moral obligation revenue bonds, according to a pricing sheet.
The deal included $90,885,000 of series 2014B infrastructure bonds (Aaa/AAA/) and $42,085,000 of series 2014B state moral obligation bonds (Aa2/AA/).
The infrastructure bonds are due 2014 to 2038 with 1.25% to 5% coupons.
The state moral obligation bonds are due 2014 to 2036 with a term bond due in 2038. The serial coupons range from 3% to 5% with yields from 0.12% to 3.52%. The 2038 bonds have a 4% coupon priced at 103.389 to yield 3.6%.
The bonds were sold on a negotiated and competitive basis. Loop Capital Markets LLC and Citigroup Global Markets Inc. were the lead managers for the infrastructure bonds. The winning bidder for the state moral obligation bonds was unavailable by press time Tuesday.
Proceeds will be used to purchase series 2014B local obligations issued by local governments.
| Issuer: | Virginia Resources Authority
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| Issue: | Series 2014B infrastructure and state moral obligation revenue bonds
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| Amount: | $132.97 million
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| Type: | Negotiated and competitive
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| Underwriters: | Loop Capital Markets LLC and Citigroup Global Markets Inc. (lead for infrastructure bonds), Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers for infrastructure bonds)
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| Pricing date: | July 29
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| Settlement date: | Aug. 13
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| $90,885,000 series 2014B infrastructure bonds (Aaa/AAA/)
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| Amount | Maturity | Type | Coupon | Price
|
| $270,000 | 2014 | Serial | 1.25% | 100.227
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| $985,000 | 2015 | Serial | 1.25% | 101.25
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| $1.75 million | 2016 | Serial | 4% | 108.005
|
| $1,975,000 | 2017 | Serial | 5% | 113.824
|
| $2.12 million | 2018 | Serial | 5% | 116.654
|
| $4,585,000 | 2019 | Serial | 5% | 118.545
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| $4,825,000 | 2020 | Serial | 5% | 120.237
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| $4,985,000 | 2021 | Serial | 5% | 121.336
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| $5,175,000 | 2022 | Serial | 5% | 122.369
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| $4.21 million | 2023 | Serial | 5% | 123.24
|
| $1.5 million | 2024 | Serial | 4% | 114.906
|
| $3.44 million | 2024 | Serial | 5% | 124.146
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| $1 million | 2025 | Serial | 4% | 113.737
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| $4.24 million | 2025 | Serial | 5% | 121.909
|
| $4,755,000 | 2026 | Serial | 5% | 120.809
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| $4.87 million | 2027 | Serial | 5% | 120.809
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| $5.08 million | 2028 | Serial | 5% | 120.115
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| $4,875,000 | 2029 | Serial | 5% | 119.328
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| $5,035,000 | 2030 | Serial | 3.75% | 105.203
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| $4,515,000 | 2031 | Serial | 3.75% | 104.579
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| $4.46 million | 2032 | Serial | 3.75% | 103.96
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| $3.86 million | 2033 | Serial | 3.75% | 103.432
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| $4,045,000 | 2034 | Serial | 3.75% | 102.995
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| $3,515,000 | 2035 | Serial | 3.75% | 102.56
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| $2.84 million | 2036 | Serial | 3.75% | 102.127
|
| $970,000 | 2037 | Serial | 5% | 114.824
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| $1,005,000 | 2038 | Serial | 5% | 114.543
|
|
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| $42,085,000 series 2014B state moral obligation bonds (Aa2/AA/)
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $160,000 | 2014 | Serial | 3% | 100.623 | 0.12%
|
| $455,000 | 2015 | Serial | 3% | 103.4 | 0.20%
|
| $770,000 | 2016 | Serial | 3% | 105.686 | 0.42%
|
| $905,000 | 2017 | Serial | 4% | 110.477 | 0.70%
|
| $955,000 | 2018 | Serial | 4% | 112.267 | 1.02%
|
| $2,015,000 | 2019 | Serial | 4% | 113.195 | 1.37%
|
| $2,105,000 | 2020 | Serial | 4% | 113.955 | 1.63%
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| $2,155,000 | 2021 | Serial | 5% | 120.81 | 1.90%
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| $2.74 million | 2022 | Serial | 5% | 121.693 | 2.11%
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| $1.82 million | 2023 | Serial | 5% | 122.492 | 2.28%
|
| $2,165,000 | 2024 | Serial | 5% | 123.429 | 2.40%
|
| $2,295,000 | 2025 | Serial | 5% | 122.111 | 2.35%
|
| $2,135,000 | 2026 | Serial | 3% | 102.211 | 2.75%
|
| $2,185,000 | 2027 | Serial | 3% | 100.876 | 2.90%
|
| $2,255,000 | 2028 | Serial | 3% | 100 | 3.00%
|
| $2,165,000 | 2029 | Serial | 3% | 99.375 | 3.051%
|
| $2,415,000 | 2030 | Serial | 3% | 98.5 | 3.118%
|
| $2.02 million | 2031 | Serial | 3% | 97.375 | 3.199%
|
| $1.93 million | 2032 | Serial | 3.25% | 99.75 | 3.268%
|
| $1,645,000 | 2033 | Serial | 3.25% | 98.75 | 3.338%
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| $1.94 million | 2034 | Serial | 3.25% | 97.75 | 3.405%
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| $1,485,000 | 2035 | Serial | 4% | 104.522 | 3.47%
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| $2,095,000 | 2036 | Serial | 4% | 104.084 | 3.52%
|
| $1,275,000 | 2038 | Term | 4% | 103.389 | 3.60%
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