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Chesapeake, Va., to price $153.03 million toll road revenue bonds
By Sheri Kasprzak
New York, Oct. 15 - The City of Chesapeake, Va., plans to price $153,028,935 of series 2012 Chesapeake transportation system senior toll road revenue bonds, according to a preliminary official statement.
The deal includes $100 million of series 2012A current interest bonds and $53,028,935 of series 2012B convertible capital appreciation bonds.
The bonds (/BBB/BBB) will be sold through lead manager Citigroup Global Markets Inc. The co-managers are J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Davenport & Co. LLC, Piper Jaffray & Co., Raymond James/Morgan Keegan and Wells Fargo Securities LLC.
The maturities have not been set.
Proceeds will be used to finance the construction, acquisition, design, equipment and renovation of the city's transportation system, as well as to refund the city's series 1999A Chesapeake Expressway toll revenue bonds.
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