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Virgin Islands Public Finance to sell $396.27 million revenue bonds
By Sheri Kasprzak
New York, June 28 - The Virgin Islands Public Finance Authority is set to price $396.265 million in revenue bonds, according to a preliminary official statement.
The offering includes $308 million in series 2010A senior-lien revenue bonds (Baa2/BBB/BBB+) and $88.265 million in series 2010B subordinate-lien revenue bonds (Baa2/BBB-/BBB).
The maturities have not been set.
The bonds will be sold on a negotiated basis with Jefferies & Co. and Citigroup Global Markets Inc. The co-managers are J.P. Morgan Securities Inc., Rice Financial Products Co. and Bostonia Global Securities LLC.
Proceeds will be used to provide a loan to the U.S. Virgin Islands for working capital, as well as to refinance a portion of a working capital credit facility.
Based in Christiansted, the authority assists the government with fiscal duties and financing requirements for capital projects.
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