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Virginia Resources Authority plans $227.10 million revenue bond sale
By Sheri Kasprzak
New York, Oct. 31 - The Virginia Resources Authority plans to price $227.095 million of series 2011 revenue bonds, said a preliminary official statement.
The sale includes $130.225 million of series 2011B tax-exempt infrastructure bonds (Aaa/AAA), $27.635 million of series 2011B taxable infrastructure bonds (Aaa/AAA), $56.365 million of series 2011B tax-exempt state moral obligation bonds (Aa2/AA) and $12.87 million of series 2011B taxable state moral obligation bonds (Aa2/AA).
The bonds will be sold on a negotiated basis with Morgan Keegan & Co. Inc. and J.P. Morgan Securities LLC as the senior managers for the tax-exempt bonds and Citigroup Global Markets Inc. as the senior manager for the taxable bonds. The co-managers for the tax-exempts are BB&T Capital Markets, Bank of America Merrill Lynch and Fidelity Capital Markets LLC. The co-managers for the taxable bonds are Loop Capital Markets LLC and Morgan Stanley & Co. LLC.
The 2011B tax-exempt infrastructure bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The 2011B taxable infrastructure bonds are due 2016 to 2023 with term bonds due in 2026, 2031 and 2041.
The 2011B tax-exempt moral obligation bonds are due 2012 to 2031 with term bonds due in 2036 and 2041. The 2011B taxable moral obligation bonds are due 2016 to 2021 with term bonds due in 2026, 2031 and 2041.
Proceeds will be used to purchase or acquire the 2011B local obligations issued or entered into by certain local governments to finance or refinance qualified projects, as well as to make a deposit to a capital reserve fund.
Headquartered in Richmond, the authority provides funding to local communities for infrastructure and community development projects.
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