Published on 1/22/2015 in the Prospect News Municipals Daily.
New Issue: West Virginia prices $71.66 million infrastructure G.O. bonds
By Sheri Kasprzak
New York, Jan. 22 – The State of West Virginia sold $71,655,000 of series 2015 infrastructure general obligation refunding bonds, according to a pricing sheet.
The bonds (Aa1/AA/AA+) were sold competitively, but the issuer did not immediately respond to a request for the winning bidder Thursday.
The deal included $65,965,000 of series 2015A tax-exempt G.O. refunding bonds and $5.69 million of series 2015B taxable G.O. refunding bonds.
The 2015A bonds are due 2017 to 2026 with 3% to 5% coupons and 0.62% to 2.11% yields.
The 2015B bonds are due 2015 to 2018 with 2% coupons and yields from 0.3% to 1.25%.
Proceeds will be used to refund existing infrastructure G.O. bonds.
| Issuer: | State of West Virginia
|
| Issue: | Series 2015 infrastructure general obligation refunding bonds
|
| Amount: | $71,655,000
|
| Type: | Competitive
|
| Ratings: | Moody’s: Aa1
|
| Standard & Poor’s: AA
|
| Fitch: AA+
|
| Pricing date: | Jan. 22
|
| Settlement date: | Jan. 29
|
|
|
| $65,965,000 series 2015A tax-exempt G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $2.3 million | 2017 | Serial | 4% | 109.219 | 0.62%
|
| $3.21 million | 2018 | Serial | 5% | 115.386 | 0.83%
|
| $4.92 million | 2019 | Serial | 5% | 118.376 | 1.03%
|
| $5.13 million | 2020 | Serial | 5% | 120.822 | 1.24%
|
| $5.35 million | 2021 | Serial | 5% | 122.836 | 1.44%
|
| $9.18 million | 2022 | Serial | 5% | 124.538 | 1.62%
|
| $9,575,000 | 2023 | Serial | 5% | 126.181 | 1.76%
|
| $8,445,000 | 2024 | Serial | 3% | 109.192 | 1.96%
|
| $8.85 million | 2025 | Serial | 3% | 109.126 | 2.05%
|
| $9,005,000 | 2026 | Serial | 5% | 129.945 | 2.11%
|
|
|
| $5.69 million series 2015B taxable G.O. refunding bonds
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $1.37 million | 2015 | Serial | 2% | 101.281 | 0.30%
|
| $1.41 million | 2016 | Serial | 2% | 102.44 | 0.60%
|
| $1.44 million | 2017 | Serial | 2% | 102.986 | 0.90%
|
| $1.47 million | 2018 | Serial | 2% | 102.742 | 1.25%
|
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