Virginia Resources Authority to price $81.03 million of revenue bonds

By Sheri Kasprzak

New York, July 2 - The Virginia Resources Authority plans to price $81.03 million of series 2012B infrastructure and state moral obligation revenue bonds, according to a preliminary official statement.

The deal includes $51.08 million of non-AMT infrastructure revenue bonds (Aaa/AAA/), $4.37 million of AMT infrastructure revenue bonds (Aaa/AAA/), $23,735,000 of non-AMT state moral obligation revenue bonds (Aa2/AA/) and $1,845,000 of AMT state moral obligation revenue bonds (Aa2/AA/).

The bonds will be sold on a negotiated basis with Raymond James/Morgan Keegan as the senior manager. The co-managers are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and TD Securities (USA) LLC.

The non-AMT infrastructure bonds are due 2012 to 2041 and the AMT infrastructure bonds are due 2012 to 2024. The non-AMT state moral obligation bonds are due 2012 to 2041 and the AMT state moral obligation bonds are due 2012 to 2024.

Proceeds will be used to purchase series 2012 obligations issued by local governments to finance qualified infrastructure projects.

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