Virgin Islands Public Finance to sell $250 million subordinated bonds for Diageo on Tuesday

By Sheri Kasprzak

New York, June 18 - The Virgin Islands Public Finance Authority is scheduled Tuesday to price $250 million in series 2009A subordinated revenue bonds, said a sales calendar.

The bonds (Baa2//BBB) will be sold on a negotiated basis with J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. as the lead managers. The co-managers are Jefferies & Co. and Rice Financial Products Inc.

The bonds are due 2013 to 2037.

Proceeds will be used to make a loan to Diageo USVI Inc. to construct, acquire and equip a rum production facility.

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