By Sheri Kasprzak
New York, June 17 - The City of Virginia Beach, Va., priced $33.36 million in series 2010B-C water and sewer system revenue and refunding bonds (Aa2/AAA/AAA) on Thursday, said Nancy L. Leavitt, the city's debt and financial services administrator.
The offering was part of a $98.36 million offering of water and sewer bonds. The city completed its $65 million sale of series 2010A revenue bonds Wednesday.
Thursday's deal included $8.41 million in series 2010B tax-exempt refunding bonds and $24.95 million in series 2010C tax-exempt refunding bonds.
Davenport & Co. won the bid for the 2010B bonds with a 3.02756% true interest cost, and UBS Financial Services Inc. won the bid for the 2010C bonds with a 3.156061% true interest cost.
The 2010B bonds are due 2010 to 2021 with coupons from 2% to 4% and yields from 0.3% to 3.2%.
The 2010C bonds are due 2010 and 2013 to 2024 with a term bond due 2027. The serial coupons range from 2% to 4%. The 2027 bonds have a 4% coupon priced at 102.536.
Proceeds will be used to make additions, improvements and expansions to the city's water and sewer system, as well as to refund it series 2002 and 2005 water and sewer system revenue bonds.
| Issuer: | City of Virginia Beach
|
| Issue: | Series 2010B-C water and sewer system revenue and refunding bonds
|
| Amount: | $33.36 million
|
| Type: | Competitive
|
| True interest costs: | 3.02756% (series 2010B); 3.156061% (series 2010C)
|
| Underwriters: | Davenport & Co. (series 2010B); UBS Financial Services Inc. (series 2010C)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | June 17
|
| Settlement date: | June 29
|
|
|
| Series 2010B
|
| Maturity | Type | Coupon | Yield
|
| 2010 | Serial | 2% | 0.30%
|
| 2011 | Serial | 2% | 0.50%
|
| 2012 | Serial | 2% | 0.65%
|
| 2013 | Serial | 2% | 1.00%
|
| 2014 | Serial | 2% | 1.35%
|
| 2015 | Serial | 2% | 1.70%
|
| 2016 | Serial | 2% | 2.10%
|
| 2017 | Serial | 3% | 2.45%
|
| 2018 | Serial | 3% | 2.70%
|
| 2019 | Serial | 3% | 2.90%
|
| 2020 | Serial | 3% | 3.05%
|
| 2021 | Serial | 4% | 3.20%
|
|
|
| Series 2010C
|
| Maturity | Type | Coupon | Price
|
| 2010 | Serial | 2% | 100.433
|
| 2013 | Serial | 2% | 102.869
|
| 2014 | Serial | 2% | 102.052
|
| 2015 | Serial | 3% | 105.526
|
| 2016 | Serial | 3% | 104.649
|
| 2017 | Serial | 4% | 110.033
|
| 2018 | Serial | 4% | 109.172
|
| 2019 | Serial | 4% | 108.446
|
| 2020 | Serial | 3.125% | 100.215
|
| 2021 | Serial | 3.125% | 99.292
|
| 2022 | Serial | 3.25% | 99.496
|
| 2023 | Serial | 3.5% | 100.856
|
| 2024 | Serial | 3.5% | 100
|
| 2027 | Term | 4% | 102.536
|
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