Published on 9/29/2014 in the Prospect News Municipals Daily.
New Issue: West Virginia Water sells $75.79 million Chesapeake Bay/Greenbrier debt
By Sheri Kasprzak
New York, Sept. 29 – The West Virginia Water Development Authority sold $75.79 million of series 2014A infrastructure excess lottery revenue bonds, said a pricing sheet.
The bonds (A1/AAA/A+) were sold through senior managers Citigroup Global Markets Inc. and J.P. Morgan Securities LLC.
The bonds are due 2015 to 2034 with 5% coupons and yields from 0.15% to 3.26%.
Proceeds will be used to finance grants to governmental units for water projects in the Chesapeake Bay and the Greenbrier River.
| Issuer: | West Virginia Water Development Authority
|
| Issue: | Series 2014A infrastructure excess lottery revenue bonds
|
| Amount: | $75.79 million
|
| Type: | Negotiated
|
| Underwriters: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC (lead), Piper Jaffray & Co. and RBC Capital Markets LLC (co-managers)
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: AAA
|
| Fitch: A+
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 16
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $3,315,000 | 2015 | Serial | 5% | 103.432 | 0.15%
|
| $2,375,000 | 2016 | Serial | 5% | 107.876 | 0.37%
|
| $2.49 million | 2017 | Serial | 5% | 111.687 | 0.64%
|
| $2,615,000 | 2018 | Serial | 5% | 114.721 | 0.95%
|
| $2.75 million | 2019 | Serial | 5% | 116.893 | 1.29%
|
| $2,885,000 | 2020 | Serial | 5% | 118.475 | 1.60%
|
| $3.03 million | 2021 | Serial | 5% | 119.574 | 1.88%
|
| $3.18 million | 2022 | Serial | 5% | 119.828 | 2.19%
|
| $3.34 million | 2023 | Serial | 5% | 120.232 | 2.41%
|
| $3,505,000 | 2024 | Serial | 5% | 121.331 | 2.51%
|
| $3.68 million | 2025 | Serial | 5% | 120.28 | 2.62%
|
| $3,865,000 | 2026 | Serial | 5% | 119.334 | 2.72%
|
| $4.06 million | 2027 | Serial | 5% | 118.584 | 2.80%
|
| $4.26 million | 2028 | Serial | 5% | 117.653 | 2.90%
|
| $4,475,000 | 2029 | Serial | 5% | 117.007 | 2.97%
|
| $4.7 million | 2030 | Serial | 5% | 116.366 | 3.04%
|
| $4,935,000 | 2031 | Serial | 5% | 115.819 | 3.10%
|
| $5.18 million | 2032 | Serial | 5% | 115.275 | 3.16%
|
| $5.44 million | 2033 | Serial | 5% | 114.824 | 3.21%
|
| $5.71 million | 2034 | Serial | 5% | 114.376 | 3.26%
|
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