Virgin Islands Public Finance to sell $250 million in revenue bonds

By Sheri Kasprzak

New York, June 15 - The Virgin Islands Public Finance Authority is gearing up to sell $250 million in series 2009A subordinate revenue bonds, according to a preliminary official statement.

The bonds will be sold through lead managers J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. The co-managers are Jefferies & Co. and Rice Financial Products Inc.

The maturities have not yet been set.

Proceeds will be used to make a loan to the government to provide a grant to Diageo USVI Inc. for the construction, acquisition and equipment of a rum production facility.

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