Published on 5/25/2016 in the Prospect News Municipals Daily.
New Issue: Virginia College Building brings $449.77 million revenue bonds
By Sheri Kasprzak
New York, May 25 – The Virginia College Building Authority sold $449,765,000 of series 2016 educational facilities 21st century college and equipment program revenue bonds, said a pricing sheet.
The bonds (Aa1/AA+/AA+) were sold competitively. Merrill Lynch, Pierce, Fenner & Smith Inc. won the 2016A and 2016B bonds and Raymond James/Morgan Keegan took the 2016C bonds.
The deal included $360,485,000 of series 2016A bonds, $49.3 million of series 2016B refunding bonds and $39.98 million of series 2016C taxable bonds.
The 2016A bonds are due 2017 to 2036 with 3% to 5% coupons and yields from 0.53% to 3.05%.
The 2016B bonds are due 2028 to 2029 with 4% coupons and yields from 2.18% to 2.28%.
The 2016C bonds are due 2017 to 2026 with coupons from 1% to 2.51% with yields from 0.65% to 2.51%.
Proceeds will be used to make upgrades to buildings and equipment to state higher educational facilities.
| Issuer: | Virginia College Building Authority
|
| Issue: | Series 2016 educational facilities 21st century college and equipment program revenue bonds
|
| Amount: | $449,765,000
|
| Type: | Competitive
|
| Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. (for 2016A-B), Raymond James/Morgan Keegan (for 2016C)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA+
|
| Fitch: AA+
|
| Pricing date: | May 18
|
| Settlement date: | June 1
|
|
|
| $360,485,000 series 2016A bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $20.18 million | 2017 | Serial | 5% | 102.97 | 0.53%
|
| $16.02 million | 2018 | Serial | 5% | 107.111 | 0.70%
|
| $16.82 million | 2019 | Serial | 5% | 111.002 | 0.82%
|
| $17,655,000 | 2020 | Serial | 5% | 114.715 | 0.91%
|
| $18.54 million | 2021 | Serial | 5% | 118.141 | 1.01%
|
| $19,465,000 | 2022 | Serial | 5% | 120.938 | 1.17%
|
| $20,445,000 | 2023 | Serial | 5% | 123.769 | 1.27%
|
| $10.4 million | 2024 | Serial | 5% | 126.247 | 1.38%
|
| $10,915,000 | 2025 | Serial | 5% | 127.782 | 1.56%
|
| $11.46 million | 2026 | Serial | 5% | 129.299 | 1.70%
|
| $16,465,000 | 2027 | Serial | 5% | 127.661 | 1.86%
|
| $17.29 million | 2028 | Serial | 3% | 108.473 | 2.03%
|
| $17.81 million | 2029 | Serial | 5% | 126.448 | 1.98%
|
| $18.7 million | 2030 | Serial | 4% | 114.284 | 2.34%
|
| $19,445,000 | 2031 | Serial | 4% | 113.82 | 2.39%
|
| $20,225,000 | 2032 | Serial | 4% | 112.807 | 2.50%
|
| $21,035,000 | 2033 | Serial | 4% | 112.259 | 2.56%
|
| $21,875,000 | 2034 | Serial | 3% | 100 | 3.00%
|
| $22.53 million | 2035 | Serial | 3% | 99.713 | 3.02%
|
| $23.21 million | 2036 | Serial | 3% | 99.262 | 3.05%
|
|
|
| $49.3 million series 2016B refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $27,555,000 | 2028 | Serial | 4% | 115.783 | 2.18%
|
| $21,745,000 | 2029 | Serial | 4% | 114.843 | 2.28%
|
|
|
| $39.98 million series 2016C taxable bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3.95 million | 2017 | Serial | 1% | 100.232 | 0.65%
|
| $3.75 million | 2018 | Serial | 1% | 100.164 | 0.90%
|
| $3,785,000 | 2019 | Serial | 2% | 102.066 | 1.21%
|
| $3,865,000 | 2020 | Serial | 1.31% | 100 | 1.31%
|
| $3,915,000 | 2021 | Serial | 1.68% | 100 | 1.68%
|
| $3.98 million | 2022 | Serial | 1.83% | 100 | 1.83%
|
| $4.05 million | 2023 | Serial | 2.06% | 100 | 2.06%
|
| $4,135,000 | 2024 | Serial | 2.16% | 100 | 2.16%
|
| $4,225,000 | 2025 | Serial | 2.31% | 100 | 2.31%
|
| $4,325,000 | 2026 | Serial | 2.51% | 100 | 2.51%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
