Virginia Resources Authority to price $218.99 million revenue bonds

By Sheri Kasprzak

New York, Nov. 13 - The Virginia Resources Authority plans to sell $218.985 million in 2008B infrastructure revenue bonds, according to a preliminary official statement.

The sale includes $150.375 million in series 2008B senior bonds (Aaa/AAA/) and $68.61 million in series 2008B subordinate bonds (Aa2/AA/).

Though the sale is expected to take place in November, no exact pricing date has been set, according to the issuer.

The bonds will be sold on a negotiated basis with Citigroup Global Markets and Morgan Keegan & Co. as the lead managers. The co-managers are Banc of America Securities LLC; BB&T Capital Markets; Goldman, Sachs & Co.; Loop Capital Markets; Morgan Stanley & Co. Inc.; M.R. Beal & Co.; and Wachovia Securities.

The senior bonds are due from 2009 to 2023 with term bonds due 2028, 2033 and 2038. The subordinate bonds are due 2009 to 2023 with term bonds due 2028, 2033 and 2038.

Proceeds will be used for rental payments under a lease obligation and a deposit to a debt service reserve fund.

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