Virginia Small Business plans $675 million bonds for Elizabeth River

By Sheri Kasprzak

New York, March 29 - The Virginia Small Business Financing Authority is set to sell $675 million of series 2012 senior lien revenue bonds for the Elizabeth River Crossings Operating Co. LLC project, according to a preliminary official statement.

The bonds will be sold through senior managers Barclays Capital Inc., Bank of America Merrill Lynch and BMO Capital Markets LLC.

The maturity dates have not been set.

Proceeds will be used to finance the construction of highways and bridges to connect the cities of Portsmouth and Norfolk. The project includes the design, construction, maintenance, operation and tolling of the New Midtown Tunnel and the New MLK Extension; the rehabilitation of the existing Midtown Tunnel and other tunnels; and the installation of all-electronic tolling devices for the project.

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