By Cristal Cody
Springdale, Ark., March 28 - Newport News, Va., priced $58.755 million of bonds with a 4.3256% true interest cost, the issuer said Friday.
The city priced $33.395 million series 2008 A general obligation general improvement bonds and $25.38 million series 2008 B general obligation water bonds.
The bonds (Aa2/AA/) priced with average coupons for the total sale ranging from 4% to 5% and yields ranging from 2.05% to 4.82%, said Rhonda Everton, senior budget analyst for the city.
The bonds have maturities from 2009 through 2028.
BB&T Capital Markets won the bidding in the competitive sale.
Proceeds will be used for improvement projects for public buildings, schools, streets, parks and extensions to the city's water system.
| Issuer: | Newport News, Va.
|
| Issue: | General obligation improvement and water bonds
|
| Amount: | $58.755 million
|
| Type: | Competitive
|
| True interest cost: | 4.3256%
|
| Coupons: | 4% to 5%
|
| Yields: | 2.05% to 4.82%
|
| Maturities: | 2009 to 2028
|
| Underwriter: | BB&T Capital Markets
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Pricing date: | March 26
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
