By Sheri Kasprzak
New York, Dec. 16 – The Norfolk Redevelopment and Housing Authority of Virginia sold $56.06 million of series 2014 revenue and refunding bonds for the Fort Norfolk Retirement Community Inc. – Harbor’s Edge, according to a pricing sheet.
The bonds were sold through H.J. Sims & Co.
The bonds are due 2016 to 2025 with term bonds due in 2035 and 2046. The serial coupons range from 1.875% to 4% with yields from 1.875% to 4.125%. The 2035 bonds have a 5% coupon priced at par and a 5.375% coupon to yield 4.875%. The 2046 bonds have a 5% coupon to yield 5.171% and a 5.375% coupon to yield 5.125%.
Proceeds will be used to refund the authority’s series 2004A and 2010A revenue bonds issued for the project, as well as to finance pre-development costs associated with phase II of the project, including the expansion of existing facilities and the construction of new facilities. Fort Norfolk Retirement Community – Harbor’s Edge is a senior living facility on Colley Avenue in Norfolk, Va.
| Issuer: | Norfolk Redevelopment and Housing Authority/Fort Norfolk Retirement Community Inc. – Harbor’s Edge
|
| Issue: | Series 2014 revenue and refunding bonds
|
| Amount: | $56.06 million
|
| Type: | Negotiated
|
| Underwriter: | H.J. Sims & Co.
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 17
|
|
|
| Amount | Maturity | Type | Coupon | Price/Yield
|
| $910,000 | 2016 | Serial | 1.875% | 100
|
| $930,000 | 2017 | Serial | 2.125% | 100
|
| $1,925,000 | 2019 | Serial | 2.75% | 100
|
| $2,035,000 | 2021 | Serial | 3.25% | 100
|
| $300,000 | 2022 | Serial | 3.625% | 3.7%
|
| $3.03 million | 2024 | Serial | 4% | 100
|
| $1.2 million | 2025 | Serial | 4% | 4.125%
|
| $5 million | 2035 | Term | 5% | 100
|
| $10.87 million | 2035 | Term | 5.375% | 4.875%
|
| $14.86 million | 2046 | Term | 5% | 5.171%
|
| $15 million | 2046 | Term | 5.375% | 5.125%
|
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