Published on 9/17/2014 in the Prospect News Municipals Daily.
New Issue: Virginia Resources Authority brings to market $184.67 million of bonds
By Sheri Kasprzak
New York, Sept. 17 – The Virginia Resources Authority sold $184,665,000 of series 2014 revenue bonds, according to a pricing sheet.
The deal included $5.73 million of series 2014A clean water state match revenue bonds (MIG1/SP-1+/F1+) and $178,935,000 of series 2014B clean water state revolving fund revenue refunding bonds (Aaa/AAA/AAA).
The 2014A bonds are due April 1, 2015 and have a 1% coupon priced at 100.457 to yield 0.09%, and the 2014B bonds are due 2015 to 2031 with 2% to 5% coupons and yields from 0.13% to 3.21%.
The bonds were sold competitively, but the issuer did not immediately respond to requests for the winning bidder.
Proceeds will be used to provide a state grant match equal to 20% of federal capitalization grants for clean water projects, as well as to refund the authority’s series 2007 and 2008 revenue bonds.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2014 revenue bonds
|
| Amount: | $184,665,000
|
| Type: | Competitive
|
| Pricing date: | Sept. 17
|
| Settlement date: | Sept. 30
|
|
|
| $5.73 million series 2014A clean water state match revenue bonds (MIG1/SP-1+/F1+)
|
| Maturity | Type | Coupon | Price | Yield
|
| April 1, 2015 | Term | 1% | 100.457 | 0.09%
|
|
|
| $178,935,000 series 2014B clean water state revolving fund revenue refunding bonds (Aaa/AAA/AAA)
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $90,000 | 2015 | Serial | 2% | 101.873 | 0.13%
|
| $90,000 | 2016 | Serial | 3% | 105.346 | 0.32%
|
| $100,000 | 2017 | Serial | 3% | 107.131 | 0.60%
|
| $100,000 | 2018 | Serial | 3% | 108.32 | 0.88%
|
| $8,175,000 | 2019 | Serial | 4% | 113.712 | 1.17%
|
| $8.56 million | 2020 | Serial | 5% | 120.019 | 1.50%
|
| $9,015,000 | 2021 | Serial | 5% | 121.258 | 1.76%
|
| $9,485,000 | 2022 | Serial | 5% | 122.001 | 2.01%
|
| $9,985,000 | 2023 | Serial | 5% | 122.755 | 2.20%
|
| $10,505,000 | 2024 | Serial | 5% | 123.801 | 2.32%
|
| $11,055,000 | 2025 | Serial | 5% | 122.899 | 2.41%
|
| $26,155,000 | 2026 | Serial | 5% | 122.103 | 2.49%
|
| $28 million | 2027 | Serial | 4% | 111.329 | 2.70%
|
| $26,065,000 | 2028 | Serial | 3.5% | 104.205 | 3.01%
|
| $21.61 million | 2029 | Serial | 3.5% | 103.592 | 3.08%
|
| $9.15 million | 2030 | Serial | 3.5% | 102.983 | 3.15%
|
| $795,000 | 2031 | Serial | 3.5% | 102.464 | 3.21%
|
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