Virginia Beach Development preps $65.09 million public facility bonds

By Sheri Kasprzak

New York, May 29 - The Virginia Beach Development Authority plans to price $65.09 million of series 2014 public facility revenue bonds on June 4, the issuer said in a preliminary official statement.

The deal includes $44.83 million of series 2014A public facility revenue bonds and $20.26 million of series 2014B public facility revenue refunding bonds.

The bonds (Aa2/AA+/AA) will be sold on a competitive basis with Public Resources Advisory Group as the financial adviser.

The 2014A bonds are due 2015 to 2034. The 2014B bonds are due 2016, 2020 and 2024 to 2025.

Proceeds will be used to finance various governmental capital improvements in the city, as well as to refund existing public facility bonds.

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