Published on 6/14/2012 in the Prospect News Municipals Daily.
New Issue: Norfolk, Va., prices $121.62 million of general obligation bonds
By Sheri Kasprzak
New York, June 14 - The City of Norfolk, Va., sold $121.62 million of series 2012 general obligation bonds, according to a pricing sheet.
The deal included $114.27 million of series 2012C G.O. capital improvement bonds and $7.35 million of series 2012D taxable qualified school reconstruction bonds.
The 2012C bonds are due 2013 to 2032 with a term bond due in 2042. The serial coupons range from 2% to 5%. The 2042 bonds have a 5% coupon priced at 111.228. The 2012D bonds are due Oct. 1, 2032 and bear interest at 4.35% priced at 102.027.
The bonds (Aa2//AA+) were sold through senior manager Raymond James/Morgan Keegan.
Proceeds will be used to fund capital improvements, including renovations to city schools, and refund existing G.O. debt.
| Issuer: | City of Norfolk
|
| Issue: | Series 2012 general obligation bonds
|
| Amount: | $121.62 million
|
| Type: | Negotiated
|
| Underwriters: | Raymond James/Morgan Keegan (lead)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA+
|
| Pricing date: | June 13
|
| Settlement date: | June 27
|
|
|
| $114.27 million series 2012C G.O. capital improvement bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $5.54 million | 2013 | Serial | 2% | NRO
|
| $5.54 million | 2014 | Serial | 3% | 105.706
|
| $5.73 million | 2015 | Serial | 4% | 110.825
|
| $5.74 million | 2016 | Serial | 4% | 113.468
|
| $5,745,000 | 2017 | Serial | 4% | 115.17
|
| $5.74 million | 2018 | Serial | 4% | 116.313
|
| $5,755,000 | 2019 | Serial | 5% | 123.603
|
| $5.76 million | 2020 | Serial | 5% | 124.199
|
| $5.77 million | 2021 | Serial | 5% | 123.093
|
| $5.78 million | 2022 | Serial | 5% | 121.753
|
| $5.52 million | 2023 | Serial | 5% | 120.429
|
| $5.52 million | 2024 | Serial | 5% | 119.123
|
| $5.52 million | 2025 | Serial | 5% | 118.09
|
| $5.52 million | 2026 | Serial | 5% | 117.322
|
| $5.52 million | 2027 | Serial | 5% | 116.645
|
| $5.52 million | 2028 | Serial | 5% | 116.056
|
| $5.52 million | 2029 | Serial | 5% | 115.47
|
| $5.52 million | 2030 | Serial | 5% | 114.888
|
| $1,855,000 | 2031 | Serial | 5% | 114.309
|
| $1,855,000 | 2032 | Serial | 5% | 113.816
|
| $9.3 million | 2042 | Term | 5% | 111.228
|
|
|
| $7.35 million series 2012D taxable qualified school reconstruction bonds
|
| Maturity | Type | Coupon | Price
|
| Oct. 1, 2032 | Term | 4.35% | 102.027
|
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