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
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