Virginia Resources Authority to sell $349.74 million revenue bonds

By Sheri Kasprzak

New York, May 14 - The Virginia Resources Authority plans to price $349,735,000 of series 2012 infrastructure and moral obligation revenue bonds, according to a preliminary official statement.

The deal includes $240,785,000 of series 2012A infrastructure revenue bonds (Aaa/AAA/) and $108.95 million of series 2012A state moral obligation revenue bonds (Aa2/AA/).

The bonds will be sold on a negotiated basis with Wells Fargo Securities LLC as the lead manager. The co-managers are Bank of America Merrill Lynch; BB&T Capital Markets LLC; Citigroup Global Markets Inc.; Goldman Sachs & Co.; and Siebert Brandford Shank & Co. LLC.

The 2012A infrastructure bonds are due 2012 to 2042, and the 2012A moral obligation bonds are due 2012 to 2042.

Proceeds will be used to purchase local obligations to finance or refinance qualified improvement projects.

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