Virginia Resources Authority to sell $130.5 million of revenue bonds

By Sheri Kasprzak

New York, July 22 – The Virginia Resources Authority is set to price $130.5 million of series 2014B infrastructure and state moral obligation revenue bonds on July 29, according to a preliminary official statement.

The deal includes $89,595,000 of series 2014 infrastructure bonds (Aaa/AAA/) and $40,905,000 of series 2014 state moral obligation bonds (Aa2/AA/).

The infrastructure bonds will be sold on a negotiated basis with Loop Capital Markets LLC and Citigroup Global Markets Inc. as the senior managers and Morgan Stanley & Co. LLC and Wells Fargo Securities LLC as the co-managers.

The state moral obligation bonds will be sold through a competitive sale with Davenport & Co. as the financial adviser.

Both tranches are due 2014 to 2038.

Proceeds will be used to purchase series 2014B local obligations issued by local governments.

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