Published on 3/9/2012 in the Prospect News Municipals Daily.
New Issue: Newport News, Va., prices $86.88 million of G.O. general improvement refunding bonds
By Sheri Kasprzak
New York, March 9 - The City of Newport News, Va., priced $86,875,000 of series 2012 general obligation general improvement refunding bonds, said a pricing sheet.
The bonds (Aa1) were sold through senior manager J.P. Morgan Securities LLC.
The deal included $53,335,000 of series 2012A G.O. general improvement refunding bonds and $33.54 million of series 2012B taxable G.O. general improvement refunding bonds.
The 2012A bonds are due 2014 to 2024 with 2% to 5% coupons. The 2012B bonds are due 2014 to 2019 with 0.629% to 2.03% coupons, all priced at par.
Proceeds from the sale will be used to refund the city's series 2002A, 2002A water, 2003B, 2003B water, 2004A-B, 2004B water, 2004C, 2004C water, 2004D, 2006A, 2006A water, 2007A, 2008A and 2008B water bonds for an estimated net present value savings of $6 million with no extension of maturity.
| Issuer: | City of Newport News, Va.
|
| Issue: | Series 2012 general obligation general improvement refunding bonds
|
| Amount: | $86,875,000
|
| Type: | Negotiated
|
| Underwriter: | J.P. Morgan Securities LLC
|
| Rating: | Moody's: Aa1
|
| Pricing date: | March 6
|
| Settlement date: | March 21
|
|
|
| $53,335,000 series 2012A G.O. general improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $2.56 million | 2014 | Serial | 2% | 103.827
|
| $5,485,000 | 2015 | Serial | 3% | 107.972
|
| $5.4 million | 2016 | Serial | 4% | 113.869
|
| $4.74 million | 2017 | Serial | 4% | 115.944
|
| $1,875,000 | 2018 | Serial | 2% | 104.54
|
| $2.85 million | 2018 | Serial | 4% | 116.651
|
| $685,000 | 2019 | Serial | 3% | 109.991
|
| $2 million | 2019 | Serial | 4% | 116.883
|
| $250,000 | 2020 | Serial | 3% | 108.744
|
| $7,205,000 | 2020 | Serial | 4% | 116.416
|
| $400,000 | 2021 | Serial | 3% | 107.753
|
| $5 million | 2021 | Serial | 4% | 116.182
|
| $275,000 | 2022 | Serial | 3% | 107.154
|
| $5,665,000 | 2022 | Serial | 4% | 116.329
|
| $500,000 | 2022 | Serial | 5% | 125.504
|
| $5.75 million | 2023 | Serial | 5% | 124.356
|
| $2,695,000 | 2024 | Serial | 5% | 123.22
|
|
|
| $33.54 million series 2012B G.O. general improvement refunding bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $1,025,000 | 2014 | Serial | 0.629% | 100
|
| $9,195,000 | 2015 | Serial | 0.789% | 100
|
| $9,235,000 | 2016 | Serial | 1.066% | 100
|
| $5,395,000 | 2017 | Serial | 1.386% | 100
|
| $4,325,000 | 2018 | Serial | 1.77% | 100
|
| $4,365,000 | 2019 | Serial | 2.03% | 100
|
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