Published on 5/18/2016 in the Prospect News Municipals Daily.
New Issue: Henrico County, Va., prices $123.63 million water and sewer system bonds
By Sheri Kasprzak
New York, May 18 – Henrico County, Va., brought $123,625,000 of series 2016 water and sewer system revenue bonds, said a pricing sheet.
The bonds (Aa1/AAA/AAA) were sold through senior manager Raymond James/Morgan Keegan.
The bonds are due 2017 to 2038 with term bonds due in 2042 and 2046. The serial coupons range from 1.5% to 5% with yields from 0.56% to 2.33%. The 2042 bonds have a 5% coupon priced at 122.608 to yield 2.41%. The 2046 bonds have a 3.125% coupon priced at par and a 5% coupon priced at 122.215 to yield 2.45%.
Proceeds will be used to finance capital improvements to the county’s water and sewer system.
| Issuer: | Henrico County, Va.
|
| Issue: | Series 2016 water and sewer system revenue bonds
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| Amount: | $123,625,000
|
| Type: | Negotiated
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| Underwriters: | Raymond James/Morgan Keegan (lead), BB&T Capital Markets Inc., Davenport & Co. LLC and J.P. Morgan Securities LLC (co-managers)
|
| Ratings: | Moody’s: Aa1
|
| S&P: AAA
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| Fitch: AAA
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| Pricing date: | May 18
|
| Settlement date: | June 21
|
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| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.81 million | 2017 | Serial | 3% | 102.092 | 0.56%
|
| $1,275,000 | 2018 | Serial | 2% | 102.493 | 0.65%
|
| $1.3 million | 2019 | Serial | 1.75% | 102.767 | 0.77%
|
| $2.94 million | 2020 | Serial | 3% | 108.069 | 0.87%
|
| $2,945,000 | 2020 | Serial | 5% | 115.646 | 0.87%
|
| $3.33 million | 2021 | Serial | 4% | 114.301 | 0.98%
|
| $2,685,000 | 2021 | Serial | 5% | 119.036 | 0.98%
|
| $775,000 | 2022 | Serial | 3% | 110.815 | 1.09%
|
| $5.51 million | 2022 | Serial | 5% | 122.14 | 1.09%
|
| $1,135,000 | 2023 | Serial | 3% | 111.82 | 1.20%
|
| $5,445,000 | 2023 | Serial | 5% | 124.954 | 1.20%
|
| $2,065,000 | 2024 | Serial | 1.5% | 101.339 | 1.32%
|
| $1,785,000 | 2024 | Serial | 4% | 119.947 | 1.32%
|
| $3,035,000 | 2024 | Serial | 5% | 127.391 | 1.32%
|
| $7.14 million | 2025 | Serial | 5% | 129.418 | 1.45%
|
| $7.5 million | 2026 | Serial | 5% | 131.007 | 1.59%
|
| $7,875,000 | 2027 | Serial | 5% | 129.631 | 1.72%
|
| $1.1 million | 2028 | Serial | 2% | 100 | 2.00%
|
| $7,175,000 | 2028 | Serial | 5% | 128.897 | 1.79%
|
| $2.02 million | 2029 | Serial | 5% | 128.168 | 1.86%
|
| $2.12 million | 2030 | Serial | 5% | 127.651 | 1.91%
|
| $2,225,000 | 2031 | Serial | 5% | 127.135 | 1.96%
|
| $2.34 million | 2032 | Serial | 5% | 126.521 | 2.02%
|
| $2,455,000 | 2033 | Serial | 5% | 125.909 | 2.08%
|
| $2,575,000 | 2034 | Serial | 5% | 125.302 | 2.14%
|
| $2,705,000 | 2035 | Serial | 5% | 124.697 | 2.20%
|
| $2.84 million | 2036 | Serial | 5% | 124.196 | 2.25%
|
| $2,985,000 | 2037 | Serial | 5% | 123.697 | 2.30%
|
| $3.13 million | 2038 | Serial | 5% | 123.399 | 2.33%
|
| $14,175,000 | 2042 | Term | 5% | 122.608 | 2.41%
|
| $480,000 | 2046 | Term | 3.125% | 100 | 3.125%
|
| $16.75 million | 2046 | Term | 5% | 122.215 | 2.45%
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