New Issue: Virginia Resources Authority brings $136.34 million of revenue bonds

By Sheri Kasprzak

New York, May 12 – The Virginia Resources Authority sold $136,335,000 of series 2016A infrastructure and state moral obligation revenue bonds, according to a pricing sheet.

The offering included $89,295,000 of series 2016A infrastructure bonds (Aaa/AAA) and $47.04 million of series 2016A state moral obligation bonds (Aa2/AA).

The infrastructure bonds are due 2016 to 2037 with term bonds due in 2041 and 2046. The serial coupons range from 4% to 5% with 0.45% to 2.7% yields. The 2041 bonds have a 4% coupon priced at 110.599 to yield 2.82%, and the 2046 bonds have a 5% coupon priced at 122.112 to yield 2.57%.

The state moral obligation bonds are due 2016 to 2037 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% and yields range from 0.45% to 3%. The 2041 bonds have a 3% coupon priced at 98 to yield 3.114%, and the 2046 bonds have a 3% coupon priced at 97 to yield 3.154%.

The bonds were sold through Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.

Proceeds will be used to fund loans to local governments for qualified projects.

Issuer:	Virginia Resources Authority
Issue:	Series 2016A infrastructure and state moral obligation revenue bonds
Amount:	$136,335,000
Type:	Negotiated
Underwriters:	Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Fidelity Capital Markets LLC and Morgan Stanley & Co. LLC (co-managers)
Pricing date:	May 11
Settlement date:	May 25
$89,295,000 series 2016A infrastructure bonds (Aaa/AAA)
Amount	Maturity	Type	Coupon	Price	Yield
$1.24 million	2016	Serial	5%	101.967	0.45%
$2,195,000	2017	Serial	5%	106.24	0.62%
$3.15 million	2018	Serial	5%	110.305	0.72%
$3.87 million	2019	Serial	5%	114.049	0.84%
$3.98 million	2020	Serial	5%	117.493	0.96%
$4,115,000	2021	Serial	5%	120.63	1.08%
$5.38 million	2022	Serial	5%	123.528	1.19%
$5.38 million	2023	Serial	5%	125.973	1.32%
$5,775,000	2024	Serial	5%	128.083	1.45%
$5.37 million	2025	Serial	5%	129.964	1.57%
$5,235,000	2026	Serial	5%	131.314	1.71%
$5.47 million	2027	Serial	5%	130.092	1.82%
$3,195,000	2028	Serial	5%	129.212	1.9%
$3.3 million	2029	Serial	5%	128.557	1.96%
$2.18 million	2030	Serial	5%	128.23	1.99%
$2,265,000	2031	Serial	5%	127.581	2.05%
$2.53 million	2032	Serial	4%	114.788	2.39%
$2.33 million	2033	Serial	4%	114.192	2.45%
$2,415,000	2034	Serial	4%	113.6	2.51%
$2.48 million	2035	Serial	4%	112.817	2.59%
$2.33 million	2036	Serial	4%	112.233	2.65%
$1.63 million	2037	Serial	4%	111.75	2.7%
$5.96 million	2041	Term	4%	110.599	2.82%
$7.52 million	2046	Term	5%	122.112	2.57%
$47.04 million series 2016A state moral obligation bonds (Aa2/AA)
Amount	Maturity	Type	Coupon	Price	Yield
$585,000	2016	Serial	2%	100.67	0.45%
$1.04 million	2017	Serial	3%	103.346	0.65%
$1.47 million	2018	Serial	3%	105.439	0.74%
$1,835,000	2019	Serial	4%	110.564	0.87%
$1,845,000	2020	Serial	5%	117.35	0.99%
$1.91 million	2021	Serial	5%	120.513	1.1%
$2,685,000	2022	Serial	5%	123.249	1.23%
$2.5 million	2023	Serial	5%	125.49	1.38%
$2,695,000	2024	Serial	5%	127.627	1.5%
$2.52 million	2025	Serial	4%	120.741	1.62%
$2,455,000	2026	Serial	4%	121.264	1.76%
$3.25 million	2027	Serial	3%	109.373	2%
$1.51 million	2028	Serial	2%	97.75	2.208%
$1,555,000	2029	Serial	2%	99	2.349%
$1,035,000	2030	Serial	3%	104.659	2.49%
$1.07 million	2031	Serial	3%	103.633	2.6%
$1,185,000	2032	Serial	3%	102.619	2.71%
$1.1 million	2033	Serial	3%	102.07	2.77%
$3,115,000	2034	Serial	3%	101.525	2.83%
$1,175,000	2035	Serial	3%	100.983	2.89%
$1.11 million	2036	Serial	3%	100.444	2.95%
$1.38 million	2037	Serial	3%	100	3%
$2.79 million	2041	Term	3%	98	3.114%
$5,225,000	2046	Term	3%	97	3.154%

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