Published on 3/21/2012 in the Prospect News Municipals Daily.
New Issue: Alexandria, Va., sells $63.63 million 2012A G.O. refunding bonds
By Sheri Kasprzak
New York, March 21 - The City of Alexandria, Va., sold $63,625,000 of series 2012A general obligation refunding bonds, according to a pricing sheet.
The bonds (Aaa/AAA/) were sold competitively with J.P. Morgan Securities LLC winning the bid, said Laura Triggs, the city's acting chief financial officer.
The true interest cost came in at 1.98% and the net interest cost was 2.17%.
The bonds are due 2013 to 2023 with 2% to 4.5% coupons.
Proceeds will be used to refund the city's series 2004A, 2004C and 2006 G.O. public improvement bonds.
| Issuer: | City of Alexandria, Va.
|
| Issue: | Series 2012A general obligation refunding bonds
|
| Amount: | $63,625,000
|
| Type: | Competitive
|
| Underwriter: | J.P. Morgan Securities LLC (winner)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | March 21
|
| Settlement date: | April 4
|
|
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.89 million | 2013 | Serial | 2% | 102.114
|
| $3,135,000 | 2015 | Serial | 4% | 110.75
|
| $5.74 million | 2016 | Serial | 4% | 112.96
|
| $5,715,000 | 2017 | Serial | 4% | 114.881
|
| $5.69 million | 2018 | Serial | 4.25% | 116.536
|
| $8,595,000 | 2019 | Serial | 4.5% | 118.815
|
| $8,615,000 | 2020 | Serial | 4.5% | 118.812
|
| $8,625,000 | 2021 | Serial | 4.5% | 118.961
|
| $8,635,000 | 2022 | Serial | 4% | 114.393
|
| $5,985,000 | 2023 | Serial | 4% | 113.04
|
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