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HomeMy Public PortalAboutTOL PR 2015-04-15 Bond Sale Town of Leesburg News Release For Immediate Release Leesburg Sells Bonds at Favorable Interest Rate Town of Leesburg sold General Obligation bonds at historically low, favorable rates as a result of Triple-A ratings from all three major credit rating agencies. Leesburg, VA (April 15, 2015) – The Town of Leesburg sold General Obligation (GO) bonds of $46,975,000 at an interest rate of 2.64 percent, of which $3,815,000 was for refunding General Fund bonds, $33,215,000 was for refunding Utility Fund bonds, and $9,945,000 was for capital project funding. The anticipated savings projected as a result of the favorable rate on the refunding of the General Fund and Utilities Fund is approximately $4.98 million. In advance of the sale, Standard & Poor’s Ratings Services affirmed its rating on the Town’s GO bonds as AAA and Moody’s Investors Services and Fitch Ratings had upgraded the Town’s GO bonds, from Aa1 and AA+ respectively, to Aaa and AAA. The Town of Leesburg is the only town in Virginia to currently hold Triple-A ratings from all three major credit rating agencies. The bonds were sold in a competitive bid process on March 25, 2015 . Of the 14 investors that submitted bids, Piper Jaffray offered the lowest and winning bid. The sale of the bonds closed April 15, 2015. Contact: Betsy Fields Research & Communications Manager bfields@leesburgva.gov 703-771-2734 # # #