On May 20, 2020, the Virginia Resources Authority (the “Authority”) sold the $55.320 million Virginia Pooled Financing Program Bonds, Series 2020A with Loop Capital Markets serving as senior manager. Proceeds of the bonds were used to (i) purchase or acquire local bonds and financing leases issued or entered into by certain Local Governments to finance or refinance Qualified Projects; (ii) to provide for a deposit to the Capital Reserve Fund; and (iii) to pay costs of issuance related to the 2020A Bonds. The Infrastructure Revenue Bonds (Tax-Exempt and Taxable) were rated Aaa/AAA by Moody’s and S&P, respectively. The State Moral Obligation Revenue Bonds were rated Aa1/AA by Moody’s and S&P, respectively.
The Infrastructure Revenue Bonds (Tax-Exempt) and State Moral Obligation Revenue Bonds were structured with serial maturities in years 2021-2040 with 4% and 5% coupons. The Infrastructure Revenue Bonds (Taxable) were structured with serial maturities in years 2020-2040 and a term bond in 2042. In support of the transaction, the Firm put its capital to use and saved the client money by holding the line on pricing and underwriting $4.25 mm in bonds.