Virgin Islands Public Finance Authority to sell $476.14 million bonds

By Sheri Kasprzak

New York, Sept. 24 - The Virgin Islands Public Finance Authority is expected to price $476.14 million in series 2009 revenue and refunding bonds, according to a preliminary official statement.

The sale includes $89 million in series 2009A-1 senior-lien capital projects tax-exempt bonds, $6 million in series 2009A-2 senior-lien capital projects federally taxable bonds and $278.565 million in series 2009B senior-lien refunding bonds (Baa2/BBB/BBB). The offering also includes $102.575 million in series 2009C subordinate-lien refunding bonds (Baa2/BBB-/BBB-).

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

Proceeds will be used to fund improvements to the islands' water lines, emergency management services, roads and drainage systems, as well as to make upgrades to libraries, classrooms and correctional facilities.

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