Virginia Resources plans $54.02 million sale of water and sewer bonds

By Sheri Kasprzak

New York, Oct. 22 - The Virginia Resources Authority is expected to price $54,021,677.95 of series 2012 water and sewer system revenue refunding bonds for the Goochland County - Tuckahoe Creek Service District Project, according to a preliminary official statement.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager. The co-managers are Jefferies & Co. and Loop Capital Markets LLC.

The deal includes $18,931,677.95 of capital appreciation tax-exempt bonds, $28,605,000 of tax-exempt current interest term bonds and $6,485,000 of taxable refunding bonds.

The capital appreciation bonds are due 2028 to 2035, and the current interest term bonds are due Nov. 1, 2040. The taxable refunding bonds are due Nov. 1, 2041.

Proceeds will be used to refund the authority's series 2002 bonds.

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