Published on 12/12/2012 in the Prospect News Municipals Daily.
New Issue: Hampton Roads Sanitation, Va., prices $153.16 million wastewater bonds
By Sheri Kasprzak
New York, Dec. 12 - The Hampton Roads Sanitation District of Virginia sold $153.16 million of series 2012 wastewater revenue and refunding bonds, according to a pricing sheet.
The deal included $22.68 million of series 2012 subordinate taxable wastewater revenue refunding bonds and $130.48 million of series 2012A wastewater revenue bonds.
The subordinate bonds are due 2013 to 2020 with 0.30% to 1.915% coupons, all priced at par.
The 2012A bonds are due 2014 to 2034 with term bonds due in 2039 and 2044. The serial coupons range from 2% to 5%. The 2039 bonds have a 5% coupon priced at 116.861, and the 2044 bonds have a 4% coupon priced at 109.085.
The bonds (Aa3/AAA/AA+) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to finance system-wide capital improvements and refund the district's series 2008 and 2011 revenue bonds for interest savings.
| Issuer: | Hampton Roads Sanitation District
|
| Issue: | Series 2012 wastewater revenue and refunding bonds
|
| Amount: | $153.16 million
|
| Type: | Negotiated
|
| Underwriters: | J.P. Morgan Securities LLC (lead), Raymond James/Morgan Keegan (co-managers)
|
| Rating: | Moody's: Aa3
|
| Standard & Poor's: AAA
|
| Fitch: AA+
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 27
|
|
|
| $22.68 million series 2012 subordinate taxable wastewater revenue refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,565,000 | 2013 | Serial | 0.30% | 100
|
| $6,015,000 | 2013 | Serial | 0.50% | 100
|
| $6,145,000 | 2014 | Serial | 0.592% | 100
|
| $4,925,000 | 2015 | Serial | 0.721% | 100
|
| $2,825,000 | 2016 | Serial | 0.985% | 100
|
| $300,000 | 2017 | Serial | 1.185% | 100
|
| $305,000 | 2018 | Serial | 1.565% | 100
|
| $310,000 | 2019 | Serial | 1.765% | 100
|
| $290,000 | 2020 | Serial | 1.915% | 100
|
|
|
| $130.48 million series 2012A wastewater revenue bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2,205,000 | 2014 | Serial | 2% | 101.786
|
| $2,315,000 | 2015 | Serial | 3% | 105.202
|
| $2,385,000 | 2016 | Serial | 4% | 110.351
|
| $2.48 million | 2017 | Serial | 4% | 113.242
|
| $2.58 million | 2018 | Serial | 4% | 115.794
|
| $2.68 million | 2019 | Serial | 5% | 123.674
|
| $2,815,000 | 2020 | Serial | 5% | 126.092
|
| $2,955,000 | 2021 | Serial | 5% | 127.8
|
| $3,105,000 | 2022 | Serial | 5% | 125.811
|
| $3.26 million | 2023 | Serial | 5% | 124.617
|
| $3.42 million | 2024 | Serial | 5% | 123.689
|
| $3,595,000 | 2025 | Serial | 5% | 123.186
|
| $3.77 million | 2026 | Serial | 5% | 122.353
|
| $3.96 million | 2027 | Serial | 5% | 121.856
|
| $4.16 million | 2028 | Serial | 5% | 121.362
|
| $4,365,000 | 2029 | Serial | 4% | 111.829
|
| $4.54 million | 2030 | Serial | 4% | 111.366
|
| $4,725,000 | 2031 | Serial | 4% | 110.905
|
| $4.91 million | 2032 | Serial | 4% | 110.446
|
| $5.11 million | 2033 | Serial | 4% | 109.989
|
| $5,315,000 | 2034 | Serial | 5% | 118.366
|
| $30.83 million | 2039 | Term | 5% | 116.861
|
| $25 million | 2044 | Term | 4% | 109.085
|
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