Richmond, Va., to sell $249.71 million G.O. public improvement bonds

By Sheri Kasprzak

New York, June 11 - The City of Richmond, Va., plans to come to market with $249,705,000 of series 2012 general obligation public improvement bonds, according to a preliminary official statement.

The deal includes $94,075,000 of series 2012A public improvement bonds, $47,955,000 of series 2012B refunding bonds, $100,175,000 of series 2012C taxable refunding bonds and $7.5 million of series 2012D taxable qualified school construct bonds.

The bonds (/AA/AA+) will be sold on a negotiated basis. Citigroup Global Markets Inc. and BB&T Capital Markets are the senior managers for the tax-exempt bonds and Wells Fargo Securities LLC is the lead manager for the taxable bonds. The co-managers for the tax-exempts are Bank of America Merrill Lynch, Jackson Securities Inc. and M.R. Beal & Co. Inc. The co-managers for the taxables are Morgan Stanley & Co. LLC, Raymond James/Morgan Keegan and Siebert Brandford Shank & Co. LLC.

The 2012A bonds are due 2013 to 2032, and the 2012B bonds are due 2013 to 2024. The 2012C bonds are due 2013 to 2023, and the 2012D bonds are due Jan. 15, 2033.

Proceeds will be used to refund commercial paper bond anticipation notes, refund the city's series 2003, 2004A and 2006 G.O. public improvement bonds and construct, equip and acquire a new Martin Luther King Jr. Middle School.

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