Virginia Housing Development to sell $348 million rental housing bonds

By Cristal Cody

Tupelo, Miss., March 12 - The Virginia Housing Development Authority intends to sell $348 million in rental housing bonds, according to a preliminary official statement.

The sale includes $176.91 million in series 2009C and $171.09 million in series 2009D taxable bonds.

The bonds (Aa1/AA+/) will price through a negotiated sale led by senior manager Raymond James & Associates, Inc.

The co-managers are Banc of America Securities LLC; BB&T Capital Markets; Davenport & Co. LLC; Merrill Lynch & Co.; Morgan Keegan & Co., Inc.; and Wachovia Bank, NA.

The proceeds will be used to refund outstanding debt.

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