Published on 9/16/2015 in the Prospect News Municipals Daily.
New Issue: Virginia Polytechnic Institute prices $61.71 million of revenue bonds
By Sheri Kasprzak
New York, Sept. 16 – The Virginia Polytechnic Institute and State University sold $61.71 million of series 2015 revenue bonds, according to a pricing sheet.
The deal included $50,965,000 of series 2015A dormitory and dining hall bonds, $460,000 of series 2015B athletic facilities bonds, $3.49 million of series 2015C university services system bonds, $4,215,000 of series 2015D utility system and general revenue pledge bonds and $2.58 million of series 2015E general revenue pledge bonds.
The 2015A bonds are due 2016 to 2035 with 2% to 5% coupons.
The 2015B bonds are due 2025 and 2035 with a 2.5% coupon priced at 100.681 and a 3.5% coupon priced at 97.772.
The 2015C bonds are due 2016 to 2035 with 2% to 4% coupons.
The 2015D bonds are due 2016 to 2035 with coupons from 2.75% to 4%.
The 2015E bonds are due 2017 to 2020 with 3% coupons.
The bonds (Aa1/AA/) were sold through BofA Merrill Lynch.
Proceeds will be used to improve, renovate and furnish residential, academic and utility facilities.
| Issuer: | Virginia Polytechnic Institute and State University
|
| Issue: | Series 2015 revenue bonds
|
| Amount: | $61.71 million
|
| Type: | Negotiated
|
| Underwriters: | BofA Merrill Lynch (lead), Davenport & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Pricing date: | Sept. 16
|
| Settlement date: | Oct. 20
|
|
|
| $50,965,000 series 2015A dormitory and dining hall bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,065,000 | 2016 | Serial | 4% | 102.267
|
| $1.77 million | 2017 | Serial | 3% | 103.849
|
| $1.84 million | 2018 | Serial | 4% | 108.017
|
| $1.93 million | 2019 | Serial | 5% | 113.361
|
| $1 million | 2020 | Serial | 2% | 102.4
|
| $1,025,000 | 2020 | Serial | 5% | 115.738
|
| $2,065,000 | 2021 | Serial | 5% | 117.245
|
| $1 million | 2022 | Serial | 2.5% | 103.145
|
| $1.17 million | 2022 | Serial | 5% | 118.565
|
| $2,235,000 | 2023 | Serial | 4% | 112.927
|
| $2.35 million | 2024 | Serial | 5% | 120.987
|
| $1 million | 2025 | Serial | 3% | 104.947
|
| $1,465,000 | 2025 | Serial | 5% | 122.009
|
| $2.59 million | 2026 | Serial | 5% | 120.485
|
| $2.72 million | 2027 | Serial | 4% | 109.256
|
| $2,855,000 | 2028 | Serial | 3% | 99.478
|
| $2.94 million | 2029 | Serial | 3% | 97.696
|
| $3,025,000 | 2030 | Serial | 4% | 105.554
|
| $3.15 million | 2031 | Serial | 3.25% | 97.363
|
| $3.25 million | 2032 | Serial | 3.5% | 99.498
|
| $3.38 million | 2033 | Serial | 4% | 104.048
|
| $3.5 million | 2034 | Serial | 4% | 103.635
|
| $3.64 million | 2035 | Serial | 3.5% | 97.772
|
|
|
| $460,000 series 2015B athletic facilities bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $225,000 | 2025 | Term | 2.5% | 100.681
|
| $235,000 | 2035 | Term | 3.5% | 97.772
|
|
|
| $3.49 million series 2015C university services system bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $75,000 | 2016 | Serial | 4% | 102.267
|
| $120,000 | 2017 | Serial | 2% | 102.245
|
| $125,000 | 2018 | Serial | 2% | 102.861
|
| $130,000 | 2019 | Serial | 3% | 106.31
|
| $140,000 | 2020 | Serial | 3% | 106.846
|
| $140,000 | 2021 | Serial | 3% | 106.6
|
| $150,000 | 2022 | Serial | 3% | 106.229
|
| $155,000 | 2023 | Serial | 3% | 105.939
|
| $160,000 | 2024 | Serial | 3% | 105.44
|
| $170,000 | 2025 | Serial | 3% | 104.947
|
| $180,000 | 2026 | Serial | 2.75% | 100.082
|
| $185,000 | 2027 | Serial | 2.75% | 98.431
|
| $195,000 | 2028 | Serial | 3% | 99.478
|
| $200,000 | 2029 | Serial | 3.125% | 99.066
|
| $205,000 | 2030 | Serial | 3.25% | 98.622
|
| $215,000 | 2031 | Serial | 3.375% | 98.86
|
| $225,000 | 2032 | Serial | 3.5% | 99.498
|
| $230,000 | 2033 | Serial | 3.5% | 98.701
|
| $240,000 | 2034 | Serial | 3.5% | 97.984
|
| $250,000 | 2035 | Serial | 3.5% | 97.772
|
|
|
| $4,215,000 series 2015D utility system and general revenue pledge bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $90,000 | 2016 | Serial | 4% | 102.267
|
| $145,000 | 2017 | Serial | 3% | 103.849
|
| $150,000 | 2018 | Serial | 3% | 105.439
|
| $160,000 | 2019 | Serial | 4% | 109.835
|
| $165,000 | 2020 | Serial | 4% | 111.292
|
| $170,000 | 2021 | Serial | 4% | 111.922
|
| $180,000 | 2022 | Serial | 4% | 112.397
|
| $185,000 | 2023 | Serial | 4% | 112.927
|
| $195,000 | 2024 | Serial | 4% | 113.214
|
| $205,000 | 2025 | Serial | 4% | 113.478
|
| $215,000 | 2026 | Serial | 2.75% | 100.082
|
| $225,000 | 2027 | Serial | 2.75% | 98.431
|
| $235,000 | 2028 | Serial | 3% | 99.478
|
| $245,000 | 2029 | Serial | 3.125% | 99.066
|
| $250,000 | 2030 | Serial | 3.25% | 98.622
|
| $260,000 | 2031 | Serial | 3.375% | 98.86
|
| $270,000 | 2032 | Serial | 3.5% | 99.498
|
| $280,000 | 2033 | Serial | 3.5% | 98.701
|
| $290,000 | 2034 | Serial | 3.5% | 97.984
|
| $300,000 | 2035 | Serial | 3.5% | 97.772
|
|
|
| $2.58 million series 2015E general revenue pledge bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $605,000 | 2017 | Serial | 3% | 103.849
|
| $630,000 | 2018 | Serial | 3% | 105.439
|
| $655,000 | 2019 | Serial | 3% | 106.31
|
| $690,000 | 2020 | Serial | 3% | 106.846
|
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