Published on 6/5/2013 in the Prospect News Municipals Daily.
New Issue: Portsmouth, Va., prices $267.08 million G.O. bonds through Citi
By Sheri Kasprzak
New York, June 5 - The City of Portsmouth, Va., sold $267,075,000 of series 2013 general obligation bonds, according to a pricing sheet.
The offering included $57.6 million of series 2013A tax-exempt G.O. bonds and $209,475,000 of series 2013B taxable G.O. bonds.
The 2013A bonds are due 2014 to 2035 with 2% to 5% coupons and 0.25% to 3.42% yields.
The 2013B bonds are due 2014 to 2023 with term bonds due in 2030 and 2037. The serial coupons range from 0.45% to 3.089%, all priced at par. The 2030 bonds have a 3.939% coupon priced at par, and the 2037 bonds have a 4.541% coupon priced at par.
Citigroup Global Markets Inc. was the senior manager for the bonds (Aa2//AA).
Proceeds will be used to fund a portion of the city's unfunded pension liability, as well as to refund outstanding G.O.s and bond anticipation notes for debt service savings.
| Issuer: | City of Portsmouth, Va.
|
| Issue: | Series 2013 general obligation bonds
|
| Amount: | $267,075,000
|
| Type: | Negotiated
|
| Underwriter: | Citigroup Global Markets Inc. (lead)
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
| Pricing date: | June 5
|
| Settlement date: | June 27
|
|
|
| $57.6 million series 2013A tax-exempt G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $35,000 | 2014 | Serial | 2% | 101.038 | 0.25%
|
| $10,000 | 2015 | Serial | 3% | 104.128 | 0.40%
|
| $1,585,000 | 2016 | Serial | 3% | 106.035 | 0.65%
|
| $165,000 | 2017 | Serial | 3% | 107.41 | 0.90%
|
| $1,765,000 | 2018 | Serial | 4% | 112.622 | 1.17%
|
| $2,005,000 | 2019 | Serial | 5% | 118.594 | 1.52%
|
| $895,000 | 2020 | Serial | 4% | 113.887 | 1.76%
|
| $2,115,000 | 2021 | Serial | 5% | 120.725 | 2.04%
|
| $2.22 million | 2022 | Serial | 5% | 121.205 | 2.27%
|
| $2,325,000 | 2023 | Serial | 5% | 122.161 | 2.40%
|
| $2.44 million | 2024 | Serial | 5% | 120.449 | 2.58%
|
| $2.56 million | 2025 | Serial | 5% | 118.858 | 2.75%
|
| $2.69 million | 2026 | Serial | 5% | 117.842 | 2.86%
|
| $2,825,000 | 2027 | Serial | 5% | 117.019 | 2.95%
|
| $3,735,000 | 2028 | Serial | 5% | 116.383 | 3.02%
|
| $3,915,000 | 2029 | Serial | 5% | 115.751 | 3.09%
|
| $4.11 million | 2030 | Serial | 5% | 115.213 | 3.15%
|
| $4.02 million | 2031 | Serial | 5% | 114.677 | 3.21%
|
| $4,215,000 | 2032 | Serial | 5% | 114.145 | 3.27%
|
| $4.43 million | 2033 | Serial | 5% | 113.704 | 3.32%
|
| $4,655,000 | 2034 | Serial | 5% | 113.264 | 3.37%
|
| $4,885,000 | 2035 | Serial | 5% | 112.827 | 3.42%
|
|
|
| $209,475,000 series 2013B taxable G.O. bonds
|
| Amount | Maturity | Type | Coupon | Price
|
| $8,385,000 | 2014 | Serial | 0.45% | 100
|
| $5,845,000 | 2015 | Serial | 0.55% | 100
|
| $12.97 million | 2016 | Serial | 1.013% | 100
|
| $12,955,000 | 2017 | Serial | 1.418% | 100
|
| $12.02 million | 2018 | Serial | 1.618% | 100
|
| $9,605,000 | 2019 | Serial | 1.98% | 100
|
| $9.78 million | 2020 | Serial | 2.40% | 100
|
| $9.44 million | 2021 | Serial | 2.589% | 100
|
| $8,855,000 | 2022 | Serial | 2.839% | 100
|
| $6,405,000 | 2023 | Serial | 3.089% | 100
|
| $48,765,000 | 2030 | Term | 3.939% | 100
|
| $64.45 million | 2037 | Term | 4.541% | 100
|
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