Loudoun County Government: County Sells Bonds At Favorable Interest Rate

Press release from the Loudoun County Government:

May 27, 2021

Loudoun County has sold $156.6 million in general obligation (GO) bonds at a favorable interest rate of 1.46%. The county received $21.2 million in premium, which was accepted and will be used for Loudoun County Public Schools (LCPS) projects to reduce a future issuance. Eight bidders submitted offers for the county’s bonds. Morgan Stanley & Co, LLC offered the bid with the lowest interest rate, which the county accepted. Proceeds from the GO bond sale will be used to finance the following capital projects: County Government Animal Services Facility
Braddock Road, Segment 1B Whitman Farm to Paul VI Entrance
Crosstrail Boulevard
Fire and Rescue Basic Training Facility
Hal & Berni Hanson Park
Loudoun County Parkway Widening (Ryan Road to Shellhorn Road)
Leesburg South Fire Station (Station #28)
Lucketts Volunteer Fire Station Replacement
Route 9/ Route 287 Roundabout
Sterling Community Center Renovation LCPS Additionally, the county has sold through the Economic Development Authority $56.5 million of tax-exempt public facility revenue bonds with a true interest cost of 1.54%, and $18.3 million of taxable public facility revenue bonds with a true interest cost of 1.27% for a total amount of $74.8 million. The county received $10 million of premium which was used to downsize the par amount of the bonds. Eight bidders submitted offers for the tax-exempt bonds. KeyBanc Capital Markets offered the bid with the lowest interest rate, which the county accepted. Six bidders submitted offers for the taxable bonds. BNYMellon Capital Markets offered the bid with the lowest interest rate, which the county accepted. Proceeds from the EDA bond sale will be used to finance the following capital projects: County Government

This press release was produced by the Loudoun County Government. The views expressed here are the author’s own.