Norfolk, Va., coordinates $229.58 million general obligation bond sale

By Sheri Kasprzak

New York, Oct. 15 - The City of Norfolk, Va., plans to price $229,575,000 of series 2013 general obligation bonds, according to a preliminary official statement.

The offering includes $145.37 million of series 2013A tax-exempt G.O. capital improvement and refunding bonds, $81,735,000 of series 2013B taxable G.O. capital improvement and refunding bonds and $2.47 million of series 2013C taxable G.O. qualified energy conservation bonds.

The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with BofA Merrill Lynch as the senior manager. The co-managers are Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Raymond James/Morgan Keegan, Siebert Brandford Shank & Co. LLC and Wells Fargo Securities LLC.

The 2013A bonds are due 2014 to 2034 with term bonds due in 2038 and 2043. The 2013B bonds are due 2014 to 2027 with term bonds due in 2030 and 2037. The 2013C bonds are due Aug. 1, 2032.

Proceeds will be used to finance projects from the city's capital improvement plan and to refund the city's series 2008C G.O. capital improvement bonds, its series 2011A-B G.O. bond anticipation notes, its series 1999 parking system revenue bonds, its 2000B parking system revenue bonds, its series 2004 parking system revenue and refunding bonds, its series 2005A parking system revenue refunding bonds and its series 2012 taxable parking system revenue bonds.

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