New Issue: Newport News, Va., prices $77.05 million G.O. bonds in two tranches

By Aaron Hochman-Zimmerman

New York, April 23 - Newport News in Virginia priced $77.05 million of bonds in two tranches on Tuesday and Wednesday, according to Jimmy Bae, a Public Financial Management Inc. consultant.

The $30 million series 2009A general obligation general improvement bonds (Aa2), which priced Tuesday, fetched a true interest cost of 3.44% via underwriter BMO Capital Markets Corp. In all, 10 firms participated in the competitive auction.

The bonds range in maturity from 2011 to 2029. Of those, the bonds due 2020 to 2025 are callable at par on Sept. 1, 2019.

The $47.05 million series 2009B G.O. general improvement refunding bonds (Aa2) were upsized from $22.495 million and priced Wednesday. UBS Securities LLC won the auction among six other bids with 2.22% TIC.

The series B bonds carry maturities from 2009 to 2019.

Proceeds will be used to refund series 1998 G.O. water refunding and series 1999A and 1999B water refunding bonds.

Public Financial Management Inc. acted as adviser to the deal.

Issuer:	Newport News, Va.
Total amount:	$77.05 million
Type:	Competitive
Series 2009A bonds
Issue:	Series 2009A G.O. general improvement bonds
Amount:	$30 million
Maturities:	2011 to 2029
True interest cost:	3.44%
Underwriter:	BMO Capital Markets Corp.
Pricing date:	April 21
Series 2009B bonds
Issue:	Series 2009B G.O. general improvement refunding bonds
Amount:	$47.05 million
Maturities:	2009 to 2019
True interest cost:	2.22%
Underwriter:	UBS Securities LLC
Pricing date:	April 22
Series 2009A G.O. general improvement bonds
Maturity	Amount	Coupon	Yield	Price	Call date	Call price
Sept. 1, 2011	$1.580 million	2%	0.95%	102.402
Sept. 1, 2012	$1.580 million	2%	1.15%	102.759
Sept. 1, 2013	$1.580 million	2%	1.40%	102.505
Sept. 1, 2014	$1.575 million	3%	1.75%	106.321
Sept. 1, 2015	$1.575 million	2.25%	2.00%	101.475
Sept. 1, 2016	$1.580 million	2.5%	2.23%	101.812
Sept. 1, 2017	$1.580 million	2.75%	2.45%	102.243
Sept. 1, 2018	$1.580 million	3%	2.70%	102.454
Sept. 1, 2019	$1.580 million	3.25%	2.95%	102.649
Sept. 1, 2020	$1.580 million	4%	3.20%	106.980 Sept. 1, 2019	100
Sept. 1, 2021	$1.580 million	4%	3.35%	105.627 Sept. 1, 2019	100
Sept. 1, 2022	$1.580 million	4%	3.50%	104.295 Sept. 1, 2019	100
Sept. 1, 2023	$1.580 million	4%	3.65%	102.982 Sept. 1, 2019	100
Sept. 1, 2024	$1.580 million	4%	3.80%	101.689 Sept. 1, 2019	100
Sept. 1, 2025	$1.580 million	4%	3.95%	100.415 Sept. 1, 2019	100
Sept. 1, 2026	$1.580 million	4%	4.05%	99.377
Sept. 1, 2027	$1.580 million	4%	4.15%	98.083
Sept. 1, 2028	$1.575 million	4.125%	4.23%	98.618
Sept. 1, 2029	$1.575 million	4.25%	4.30%	99.321
Series 2009B G.O. general improvement refunding bonds
Maturity	Amount	Coupon	Yield	Price
Sept. 1, 2009	$1.050 million	3%	0.48%	100.802
Sept. 1, 2010	$5.120 million	3%	0.84%	102.827
Sept. 1, 2011	$6.095 million	3.25%	1.10%	104.909
Sept. 1, 2012	$3.495 million	2%	1.20%	102.595
Sept. 1, 2013	$6.565 million	3%	1.45%	106.465
Sept. 1, 2014	$6.655 million	2.5%	1.80%	103.534
Sept. 1, 2015	$3.455 million	3%	2.05%	105.602
Sept. 1, 2016	$3.515 million	3%	2.25%	105.033
Sept. 1, 2017	$3.610 million	4%	2.50%	111.201
Sept. 1, 2018	$3.705 million	3%	2.75%	102.040
Sept. 1, 2019	$3.785 million	3.25%	3.00%	102.201

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