Published on 5/15/2012 in the Prospect News Municipals Daily.
New Issue: Fairfax County Economic Development, Va., prices $65.4 million of revenue bonds
By Sheri Kasprzak
New York, May 15 - The Fairfax County Economic Development Authority of Virginia sold $65,395,000 of series 2012A Fairfax County facilities revenue bonds, according to a pricing sheet.
The bonds (Aa1/AA+/AA) were sold competitively with Bank of America Merrill Lynch winning the bid, according to Tom Lawson, attorney for the authority. The true interest cost for the deal was 3.752181%.
The bonds are due 2013 to 2033 with term bonds due in 2037 and 2042. The serial coupons range from 4.5% to 5%. The 2037 bonds have a 4.5% coupon priced at 106.314 to yield 3.65%, and the 2042 bonds have a 4.5% coupon priced at 105.929 to yield 3.70%. Yields range from 0.35% to 3.7%, said Lawson.
Proceeds will be used to construct a 200,000 square-foot building to house a new Woodburn Mental Health Center and related parking facility, as well as to construct a neighborhood community center, the Providence Community Center in Fairfax, Va.
| Issuer: | Fairfax County Economic Development Authority, Va.
|
| Issue: | Series 2012A Fairfax County facilities revenue bonds
|
| Amount: | $65,395,000
|
| Type: | Competitive
|
| Underwriters: | Bank of America Merrill Lynch (winner)
|
| TIC: | 3.752181%
|
| Ratings: | Moody's: Aa1
|
| Standard & Poor's: AA+
|
| Fitch: AA
|
| Pricing date: | May 15
|
| Settlement date: | May 30
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1,235,000 | 2013 | Serial | 4.5% | 103.116 | 0.35%
|
| $1.24 million | 2014 | Serial | 4.5% | 106.88 | 0.55%
|
| $2.35 million | 2015 | Serial | 4.5% | 110.197 | 0.75%
|
| $2.38 million | 2016 | Serial | 4.5% | 113.214 | 0.91%
|
| $2.41 million | 2017 | Serial | 4.5% | 115.499 | 1.14%
|
| $1.21 million | 2018 | Serial | 4.5% | 117.135 | 1.39%
|
| $1.26 million | 2019 | Serial | 4.5% | 118.63 | 1.58%
|
| $1.31 million | 2020 | Serial | 4.5% | 118.975 | 1.86%
|
| $1,365,000 | 2021 | Serial | 4.5% | 119.359 | 2.07%
|
| $1,415,000 | 2022 | Serial | 4.5% | 117.956 | 2.23%
|
| $1.49 million | 2023 | Serial | 4.5% | 115.631 | 2.50%
|
| $1,565,000 | 2024 | Serial | 5% | 119.366 | 2.52%
|
| $1.64 million | 2025 | Serial | 5% | 118.332 | 2.64%
|
| $1,725,000 | 2026 | Serial | 5% | 117.478 | 2.74%
|
| $1.81 million | 2027 | Serial | 4.5% | 110.898 | 3.07%
|
| $1.9 million | 2028 | Serial | 4.5% | 110.252 | 3.15%
|
| $1,995,000 | 2029 | Serial | 5% | 115.457 | 2.98%
|
| $2,095,000 | 2030 | Serial | 5% | 114.958 | 3.04%
|
| $2.2 million | 2031 | Serial | 5% | 114.462 | 3.10%
|
| $2.31 million | 2032 | Serial | 5% | 113.969 | 3.16%
|
| $2,425,000 | 2033 | Serial | 5% | 113.396 | 3.23%
|
| $10.97 million | 2037 | Term | 4.5% | 106.314 | 3.65%
|
| $17,095,000 | 2042 | Term | 4.5% | 105.929 | 3.70%
|
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