Published on 11/12/2015 in the Prospect News Municipals Daily.
New Issue: West Virginia School Building sells $63.64 million excess lottery bonds
By Sheri Kasprzak
New York, Nov. 12 – The West Virginia School Building Authority sold $63.64 million of series 2015A excess lottery revenue refunding bonds, according to a pricing sheet.
The bonds (A1/AAA/A+) were sold through Citigroup Global Markets Inc.
The bonds are due 2017 to 2028 with 3% to 5% coupons and yields from 0.59% to 2.75%.
Proceeds will be used to construct, improve, acquire and equip existing and new school facilities.
| Issuer: | West Virginia School Building Authority
|
| Issue: | Series 2015A excess lottery revenue refunding bonds
|
| Amount: | $63.64 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. (lead), Piper Jaffray & Co. and BofA Merrill Lynch (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AAA
|
| Fitch: A+
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 19
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $85,000 | 2017 | Serial | 3% | 103.871 | 0.59%
|
| $90,000 | 2018 | Serial | 3% | 105.631 | 0.82%
|
| $5.08 million | 2019 | Serial | 4% | 110.403 | 1.06%
|
| $5,345,000 | 2020 | Serial | 5% | 116.525 | 1.30%
|
| $5,555,000 | 2021 | Serial | 5% | 118.428 | 1.56%
|
| $5.83 million | 2022 | Serial | 5% | 119.943 | 1.79%
|
| $6,125,000 | 2023 | Serial | 5% | 120.781 | 2.04%
|
| $6.43 million | 2024 | Serial | 5% | 121.516 | 2.24%
|
| $6.75 million | 2025 | Serial | 5% | 122.11 | 2.41%
|
| $7.09 million | 2026 | Serial | 5% | 120.585 | 2.57%
|
| $7,445,000 | 2027 | Serial | 5% | 119.643 | 2.67%
|
| $7,815,000 | 2028 | Serial | 5% | 118.896 | 2.75%
|
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