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Norfolk, Va., organizes $84.41 million offering of water revenue bonds
By Sheri Kasprzak
New York, March 27 – The City of Norfolk, Va., plans to price $84.41 million of series 2015 water revenue bonds during the week of March 30, according to a preliminary official statement.
The deal includes $30,115,000 of series 2015A water revenue bonds and $54,295,000 of series 2015B water revenue refunding bonds.
The bonds (Aa2/AA+/AA+) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager and BofA Merrill Lynch and Piper Jaffray & Co. as the co-managers.
The 2015A bonds are due Nov. 1, 2044 and the 2015B bonds are due 2020 to 2038.
Proceeds will be used to finance capital improvements to the city’s water system, as well as to refund some of the city’s outstanding water revenue bonds.
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