Published on 6/10/2014 in the Prospect News Municipals Daily.
New Issue: Chesterfield County, Va., sells $61.66 million public improvement bonds
By Sheri Kasprzak
New York, June 10 – Chesterfield County, Va., sold $61.66 million of series 2014 general obligation public improvement bonds, according to a pricing sheet.
The deal included $14.94 million of series 2014A G.O. public improvement bonds and $46.72 million of series 2014B G.O. public improvement refunding bonds.
The bonds (/AAA/) were sold competitively. BofA Merrill Lynch took both tranches at a combined true interest cost of 2.200179%, said a source close to the offering.
The 2014A bonds are due 2015 to 2034 with 3.5% to 5% coupons. The 2014B bonds are due 2015 to 2025 with 4% to 5% coupons.
Proceeds will be used to finance public improvement projects throughout the county, as well as to refund existing G.O. public improvement bonds.
| Issuer: | Chesterfield County, Va.
|
| Issue: | Series 2014 general obligation public improvement bonds
|
| Amount: | $61.66 million
|
| Type: | Competitive
|
| Underwriter: | BofA Merrill Lynch (winner)
|
| True interest cost: | 2.200179% (combined)
|
| Rating: | Standard & Poor’s: AAA
|
| Pricing date: | June 10
|
| Settlement date: | June 25
|
|
|
| $14.94 million series 2014A G.O. public improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $770,000 | 2015 | Serial | 4% | 101.982
|
| $515,000 | 2016 | Serial | 4% | 105.72
|
| $525,000 | 2017 | Serial | 4% | 108.742
|
| $545,000 | 2018 | Serial | 5% | 114.235
|
| $570,000 | 2019 | Serial | 3% | 116.705
|
| $590,000 | 2020 | Serial | 5% | 118.522
|
| $620,000 | 2021 | Serial | 5% | 119.865
|
| $655,000 | 2022 | Serial | 5% | 120.995
|
| $685,000 | 2023 | Serial | 5% | 121.984
|
| $720,000 | 2024 | Serial | 5% | 122.958
|
| $755,000 | 2025 | Serial | 5% | 121.908
|
| $780,000 | 2026 | Serial | 5% | 121.056
|
| $800,000 | 2027 | Serial | 3.5% | 103.692
|
| $825,000 | 2028 | Serial | 3.5% | 102.941
|
| $850,000 | 2029 | Serial | 3.5% | 102.196
|
| $875,000 | 2030 | Serial | 3.5% | 101.539
|
| $910,000 | 2031 | Serial | 3.75% | 102.989
|
| $945,000 | 2032 | Serial | 3.75% | 102.415
|
| $985,000 | 2033 | Serial | 3.75% | 101.845
|
| $1.02 million | 2034 | Serial | 3.75% | 101.441
|
|
|
| $46.72 million series 2014B G.O. public improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $6.07 million | 2015 | Serial | 4% | 101.982
|
| $5.4 million | 2016 | Serial | 4% | 105.72
|
| $6.7 million | 2017 | Serial | 4% | 108.742
|
| $4.95 million | 2018 | Serial | 5% | 114.235
|
| $5,355,000 | 2019 | Serial | 5% | 116.705
|
| $5,335,000 | 2020 | Serial | 5% | 118.522
|
| $3,545,000 | 2021 | Serial | 5% | 119.865
|
| $3,125,000 | 2023 | Serial | 4% | 114.243
|
| $3,125,000 | 2024 | Serial | 4% | 114.455
|
| $3,115,000 | 2025 | Serial | 4% | 114.692
|
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