Virginia Resource to sell $260.22 million in pooled financing Monday

By Sheri Kasprzak

New York, May 28 - The Virginia Resource Authority is set on Monday to sell $260.22 million in series 2009 taxable and tax-exempt infrastructure revenue bonds as part of a pooled financing program, according to a sales calendar.

The offering includes $79.035 million in senior non-ACE bonds (Aaa/AAA/); $50.195 million in taxable senior bonds (Aaa/AAA/); $47.87 million in subordinated non-ACE bonds (Aa2/AA/); $43.52 million in senior ACE bonds (Aaa/AA/); $21.495 million in taxable subordinated bonds (Aa2/AA/); and $18.105 million in subordinated ACE bonds (Aa2/AA/).

The taxable senior bonds are due 2014 to 2017. The subordinated non-ACE bonds are due 2010 to 2029 with a term bond due 2039. The senior ACE bonds are due 2009 to 2033. The taxable subordinated bonds are due 2014 to 2017 and the subordinated ACE bonds are due 2009 to 2033.

The senior non-ACE bonds are due 2010 to 2029 with a term bond due 2033.

The bonds will be sold through Morgan Keegan & Co. Inc.

Proceeds will be used to fund infrastructure improvements.

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