Virginia Beach Sets GO Sale

Virginia Beach, Virginia’s largest city, expects to issue $106 million of general obligation refunding bonds on Tuesday. The city will competitively sell $22 million of Series 2009A bonds and $84 million of Series 2009B bonds.

The bonds are rated Aa1 by Moody’s Investors Service, AAA by Standard & Poor’s, and AA-plus by Fitch Ratings.

The city must achieve a 3% savings with any refunding, and it expects to exceed that level with this deal, said ­Patricia Phillips, the city’s finance director. The deal will refund bonds issued in 2001 through 2009.

Troutman Sanders LLP is bond counsel and Government Finance Associates Inc. is financial adviser.

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