By Cristal Cody
Springdale, Ark., July 30 - The Virginia Resources Authority priced $181.28 million revenue bonds with a 4.5% true interest cost on Wednesday, the issuer told Prospect News.
The series 2008 clean water state revolving fund revenue bonds (Aaa/AAA/AAA) priced with 4.5% to 5% coupons to yield 2.7% to 4.84%, said executive director Sheryl Bailey.
The authority also sold $25 million of the bonds in retail orders on Tuesday with 3% to 5% coupons to yield 2.7% to 3.95%.
The bonds have serial maturities from 2011 through 2031.
Morgan Stanley was the senior manager of the negotiated sale. Co-managers were BB&T Capital Markets, Loop Capital Markets, Morgan Keegan and Wachovia Securities.
Proceeds will be used to purchase and acquire local obligations issued by local governments to finance or refinance sewer projects.
| Issuer: | Virginia Resources Authority
|
| Issue: | Series 2008 clean water state revolving fund revenue bonds
|
| Total amount: | $181.28 million
|
| Type: | Negotiated
|
| True interest cost: | 4.5%
|
| Coupons: | 4.5%-5%; 3%-5% retail
|
| Yields: | 2.7%-4.84%; 2.7%-3.95% retail
|
| Maturities: | 2011-2031
|
| Underwriter: | Morgan Stanley (lead)
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 14
|
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