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Virgin Islands Public Finance preps $74.4 million refunding bond deal
By Sheri Kasprzak
New York, Sept. 9 - The Virgin Islands Public Finance Authority is expected to come to market during the week of Sept. 9 with $74,405,000 of series 2013A senior-lien revenue refunding bonds, according to a sales calendar.
The bonds (Baa2//BBB+) will be sold on a negotiated basis with Jefferies & Co. as the senior manager.
Proceeds will be used to refund existing debt for a present value savings of about $23 million in cash flow savings for the 2014 fiscal year.
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