Virginia Polytechnic arranges $61.71 million offering of revenue bonds

By Sheri Kasprzak

New York, Sept. 11 – The Virginia Polytechnic Institute and State University is set to price $61.71 million of series 2015 revenue bonds on Thursday, according to a preliminary official statement.

The deal includes $50,965,000 of series 2015A dormitory and dining hall bonds, $460,000 of series 2015B athletic facilities bonds, $3.49 million of series 2015C university services system, $4,215,000 of series 2015D utility system and general revenue pledge bonds and $2.58 million of series 2015E general revenue pledge bonds.

The bonds (Aa1/AA/) will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager. The co-managers are Davenport & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC.

The 2015A bonds are due 2016 to 2035, and the 2015B bonds are due in 2025 and 2035. The 2015C bonds are due 2016 to 2035, and the 2015D bonds are due 2016 to 2035. The 2015E bonds are due 2017 to 2020.

Proceeds will be used to improve, renovate and furnish residential, academic and utility facilities.

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