Published on 7/11/2012 in the Prospect News Municipals Daily.
New Issue: Alexandria, Va., brings $94.16 million of series 2012B, C G.O. bonds
By Sheri Kasprzak
New York, July 11 - The City of Alexandria, Va., priced $94,155,000 of series 2012 general obligation bonds, according to a pricing sheet.
The offering included $76.82 million of series 2012B G.O. capital improvement bonds and $17,335,000 of series 2012C refunding bonds.
The 2012B bonds are due 2013 to 2033 with 2% to 5% coupons. The 2012C bonds are due 2013 to 2018 and 2023 to 2025 with coupons from 2% to 4%.
The bonds (Aaa/AAA/) were sold competitively with Citigroup Global Markets Inc. winning the bid for the G.O. bonds at a 2.557134% true interest cost and Bank of America Merrill Lynch winning the refunding bonds at a 1.963666% true interest cost, said Nathan Carrick, spokesman for the city.
Proceeds will be used to finance capital improvement projects for the city, including public schools, parks and buildings, capital contributions to the Washington Metropolitan Area Transit Authority, infrastructure improvements and maintenance, affordable housing, sanitary sewers, storm water management, traffic control and improvement technology, as well as refund the city's series 2004C and 2006A G.O. bonds.
| Issuer: | City of Alexandria, Va.
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $94,155,000
|
| Type: | Competitive
|
| Underwriters: | Citigroup Global Markets Inc. (winner for 2012B), Bank of America Merrill Lynch (winner for 2012C)
|
| True interest cost: | 2.557134% (for 2012B), 1.963666% (for 2012C)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Pricing date: | July 11
|
| Settlement date: | July 26
|
|
|
| $76.82 million series 2012B G.O. capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $200,000 | 2013 | Serial | 2% | 101.547
|
| $2.2 million | 2014 | Serial | 3% | 105.093
|
| $3.28 million | 2015 | Serial | 5% | 113.155
|
| $3.34 million | 2016 | Serial | 5% | 117.254
|
| $4 million | 2017 | Serial | 5% | 120.565
|
| $4 million | 2018 | Serial | 5% | 123.001
|
| $4 million | 2019 | Serial | 5% | 125.116
|
| $4 million | 2020 | Serial | 5% | 126.618
|
| $4 million | 2021 | Serial | 5% | 127.961
|
| $4 million | 2022 | Serial | 5% | 129.384
|
| $4 million | 2023 | Serial | 5% | 127.922
|
| $3.98 million | 2024 | Serial | 5% | 126.377
|
| $3.98 million | 2025 | Serial | 4% | 114.668
|
| $3.98 million | 2026 | Serial | 4% | 113.816
|
| $3.98 million | 2027 | Serial | 4% | 112.971
|
| $3.98 million | 2028 | Serial | 4% | 112.226
|
| $3.98 million | 2029 | Serial | 3% | 99.341
|
| $3.98 million | 2030 | Serial | 3% | 98.632
|
| $3.98 million | 2031 | Serial | 3% | 97.179
|
| $3.98 million | 2032 | Serial | 3.125% | 97.889
|
| $3.98 million | 2033 | Serial | 3.25% | 98.503
|
|
|
| $17,335,000 series 2012C refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $70,000 | 2013 | Serial | 2% | 101.458
|
| $85,000 | 2014 | Serial | 3% | 104.686
|
| $85,000 | 2015 | Serial | 3% | 106.856
|
| $90,000 | 2016 | Serial | 3% | 109.043
|
| $3,005,000 | 2017 | Serial | 4% | 115.615
|
| $2.98 million | 2018 | Serial | 4% | 117.106
|
| $2.75 million | 2023 | Serial | 3% | 109.681
|
| $5.63 million | 2024 | Serial | 3% | 108.274
|
| $2.64 million | 2025 | Serial | 3% | 107.255
|
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