Published on 5/23/2012 in the Prospect News Municipals Daily.
New Issue: Virginia Public School Authority sells $52.03 million technology notes
By Sheri Kasprzak
New York, May 23 - The Virginia Public School Authority sold $52,025,000 of series XII school educational technology notes, according to a pricing sheet.
The notes (Aa1/AA+/AA+) were sold competitively with Citigroup Global Markets Inc. winning the bid at a 0.696826% true interest cost, said Evelyn Whitley, debt manager for the Virginia Treasurer's Office.
The notes are due 2013 to 2017 with 3% to 5% coupons.
Proceeds will be used to make grants to local school districts to purchase a computer-based instructional and testing system for Standards of Learning.
| Issuer: | Virginia Public School Authority
|
| Issue: | Series XII school educational technology notes
|
| Amount: | $52,025,000
|
| Type: | Competitive
|
| Underwriter: | Citigroup Global Markets Inc. (winner)
|
| TIC: | 0.696826%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA+
|
| Pricing date: | May 22
|
| Settlement date: | June 6
|
|
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $10,385,000 | 2013 | Serial | 3% | 102.408
|
| $10 million | 2014 | Serial | 4% | 106.658
|
| $10,035,000 | 2015 | Serial | 5% | 112.602
|
| $10.54 million | 2016 | Serial | 5% | 116.547
|
| $11,065,000 | 2017 | Serial | 5% | 119.656
|
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